21 September 2018

Alibaba could apply for bank license independently, paper says

Alibaba Group will apply for a bank license independently, if needed, the 21st Century Business Herald reported Friday, citing Peng Lei, chief executive of the e-commerce giant’s finance unit. Besides the money market fund, Yu E Bao, the company has been mapping out other innovative financial products which may rock the market, Peng said without disclosing details. In addition, the group may offer peer-to-peer (P2P) lending services in the future, another company executive was quoted as saying.

– Contact HKEJ at [email protected]



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