Alibaba and Affiliate to Speed Up Drive to Become Online Financial Network
Alibaba Group Holdings and its finance affiliate will be speeding up a drive to become a full fledged Chinese online financial network as the launch of an e-commerce tracking stock index and is planning an Internet bank in June. Ant Financial Services Groups CSI Taojin Big Data Index 100 will be the first of its kind in China that tracks e-commerce activities and gauge the firm’s performance and connect the internet shopping giant data collection with its financial services aspirations.
Ant’s Financial finance division stated that they will be launching its online bank MYbank in June after Alibaba’s Shenzhen based rival Tencent Holding WeBank started trial operations in January of this year. Alibaba and Ant Financial is sharing big ambitions for its financial services in china that have traditionally geared toward larger and state owned businesses but neglected smaller enterprises and individuals. The launch of MYbank and the index are steps toward building an internet finance platform in which Ant Financial will open up services such as loans, credit, insurance, banking, payment systems and investment into new tiers of the society.
Alibaba is one of China’s largest e-commerce company and Ant Financial Alipay online payment service is its most popular. This give Alibaba and Ant Financial might be China’s best data on consumers and small business finances.
Alibaba is China’s biggest e-commerce company, while Ant Financial’s Alipay online payment service is the country’s most popular. Analysts say this gives Alibaba and Ant Financial what is possibly China’s best data on consumers’ and small businesses’ finances.