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29 June, 2015

Alibaba affiliate Ant Financial Services Group said MYbank, which has registered capital of four billion yuan ($836 million), is ready to issue loans of under five million yuan to small businesses, entrepreneurs and consumers. Still, people can’t open accounts with MYbank yet because of regulatory concerns over facial-recognition technology it wants to use to verify identities.

http://www.theaustralian.com.au/business/wall-street-journal/alibaba-launches-online-bank-despite-restrictive-regulations/story-fnay3ubk-1227416794794