Latest Internet Bank Clears Regulator's Final Hurdle to Opening

(Beijing) – The financial arm of Alibaba Group Holding Ltd. received final regulatory permission to open a private bank on May 27. The bank, to be named MYbank, will be different from traditional banks because it will operate solely online, says a source from MYbank, which is controlled by Ant Financial Group, itself affiliated with Alibaba.

"It will not have any physical outlets, or cash services, or engage in any offline businesses such as issuing checks and bills of exchange like traditional banks do," he said.