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Ant Financial launches MYBank amid regulatory brouhaha
2015-06-26 09:38:00| Telecompaper Headlines
(Telecompaper) Alibaba affiliate Ant Financial has launched its MYBank online bank, the Wall Street Journal reported. MYbank, which has registered capital of CNY 4 billion, is ready to issue loans of under CNY 5 million to small businesses, entrepreneurs and consumers. People are however not able to open accounts yet because of regulatory concerns over the facial-recognition technology the bank wants to use to verify account holder identities. "Because the regulatory authorities have not yet approved the opening of accounts [online], that has greatly affected the products we had originally planned. We had initially prepared a lot of products but they rely on the opening of accounts," said Tang Jiacai, MYbank's chief information officer, in an interview earlier this month.
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Category:Telecommunications
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