By the end of May, the first private banks in China had all opened for business. Among them, WeBank, with Tencent as its biggest shareholder, positions itself as entirely based on the Internet. It has no brick and mortar offices.

MYbank, backed by Alibaba, relies on cloud technology and big data to control risks. It has its focus on servicing China's vast rural market.

SHR Bank in Shanghai aims to grasp business opportunities offered by the Shanghai Free Trade Zone, and allows its customers to choose their own account numbers.

All the five private banks say their services seek to benefit the country's small and micro-sized enterprises which have had difficulty getting loans from traditional, state-owned banks.

Go to Forum >>0 Comment(s)