Meituan-Dianping Latest Internet Giant to Win Private Bank License

(Beijing) — Group-buying website Meituan-Dianping has become China’s latest internet giant to receive a private banking license, as Beijing accelerates a program to breathe new life into a sector dominated by big state-run lenders.

The company is a backer of the new Jilin Yilian Bank, a spokeswoman confirmed on Wednesday. Yilian received its license from the China Banking Regulatory Commission (CBRC) on Dec. 16, according to an announcement on the regulator’s website.