ISLAMABAD: Alibaba’s financial arm that works an affiliated extension of Alibaba launched an internet bank on Thursday that would focus on lending to small businesses and rural customers.
The e-commerce giant took nine months of preparation to launch the Zheijang Wangshang Bank that happens to be China’s first online-only bank with no physical branches.
The bank would not be dealing with large scale clients and instead focus on 800 million rural residents that comprise the bottom 80 percent.
A team of 300 personnel including technical experts is lead by banking industry experts and software developers from the banking sector. Chief information officer Tang Jicai expressed that the online bank will significantly lower the amoung of operating costs and expenses to attracts clients.
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