Alibaba Group Holding (BABA.NYSE) affiliate Ant Financial Group has received permission to establish its own private bank, MYbank, which will operate completely online, Caixin reported, citing an unnamed source at the new bank. “It will not have any physical outlets, or cash services, or engage in any offline businesses such as issuing checks and bills of exchange like traditional banks do,” the source said. MYbank, of which Ant Financial owns 30%, is the last of five private banks that regulators said last year could potentially open for business.
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