19 July 2019

Big data good for Tencent, Alibaba private bank bids, paper says

China’s banking regulator has no preset timeline for approving applications for private bank licenses, China Securities Journal reported Wednesday. Any of the five candidates seeking to establish privately invested banks will be given a license when it meets all the requirements, China Banking Regulatory Commission chairman Shang Fulin {尚福林} was quoted as saying. Four operating models have been proposed by the applicants. Alibaba will focus on small savings and loans while Tencent will give priority to larger deposits and a relatively smaller loan business. With the vast amount of user data Alibaba and Tencent hold in their e-commerce and online messaging business, they have a distinct advantage over their competitors, the report said.

– Contact HKEJ at [email protected]



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