Alibaba-backed online bank hits snag in client registration

The launch this month of Alibaba-backed online bank MYbank – run by Ant Financial Services Group – may be constrained by by China’s central bank and the Ministry of Public Security, which have raised concerns over potential security risks posed by facial-recognition technology needed to enable users to open an account without requiring normal in-person identification, The Wall Street Journal reported, citing a statement from MYbank Vice President Zhao Weixing. Zhao told reporters at a briefing that the bank wouldn’t be deterred and was in talks with “many” other banks about opportunities to cooperate, though he did not give further details.