China banks wary as Alibaba launches online lender MYbank (VIDEO)
Jack Ma, chairman of Chinau00e2u20acu2122s largest e-commerce firm Alibaba Group, attends a corporate event at the companyu00e2u20acu2122s headquarters on the outskirts of Hangzhou, Zhejiang province in this April 23, 2013 file photo. u00e2u20acu201d Reuters pic
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Wednesday, 24 Jun 2015 5:35 PM MYT
BEIJING, June 24 — Alibaba is now getting into the banking game taking on some of China’s biggest institutions, while some banks have expanded into e-commerce. Bloomberg’s Yvonne Man reports on ‘Asia Edge.’ — Bloomberg
Jack Ma, chairman of China’s largest e-commerce firm Alibaba Group, has announced its new banking arm MYlender. — Reuters pic