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China promoting online only banks

Chinese internet companies are in a race to set up online banking platforms. While WeChat, the messaging platform by Tencent Holdings, had established WeChat Payments on smartphones and WeBank for loans, there is Mybank, supported by Alibaba Group that is also offering loans and investment products online. The CHinese government is now approving online-only private banks in an effort to diversify the banking industry and spur business growth. Alibaba’s Alipay online-payment platform has more than 400 million active users. WeChat boasts 549 million active users. These consumers already use internet and their mobile devices on a daily basis.While WeBank received its banking license in January 2015, MYbank was launched soon thereafter. Similarly Baidu and Citic Bank announced plans to set up a joint venture bank to offer loan and investment products online.

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