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China to study Alibaba’s shadow banking activities

alibabaIn an effort to ensure a fair environment exists for competition, Chinese banking regulator will study shadow banking activities at Alibaba Group. Governor Zhou Xiaochuan said Alibaba engages in activities that fall under the Financial Stability Board’s definition of shadow banking and are subject to different capital requirements than traditional banks. Even though the regulator encourages the development of internet companies, but under the current situation they need to comply with existing rules when engaging in financial activities, he said. Controlled by billionaire Alibaba founder Jack Ma, Zhejiang Ant Small & Micro Financial Services Group has evolved from an outsider in a tightly controlled industry to an online finance giant. The company operates China’s biggest internet payment service, Alipay, with 450 million users, and controls the business that manages Yu’E Bao, the nation’s largest money-market fund. It also holds a stake in MYBank, a private online lender.

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