Ant Group-Backed MYbank to Cease Asset Transfers from Alipay
Ant Group-backed e-payment solution MYbank recently announced that it would gradually stop asset transfers from Alipay to MYbank due to regulatory changes.
If merchants need to withdraw their Alipay balance and transfer it to MYbank, they can withdraw it to their other bank card first and then transfer it from the bank card to their MYbank account. At present, merchants do not need to pay any fees if they have already registered a collection code to withdraw an Alipay balance to their bank cards.
MYbank officially opened on June 25, 2015 and was one of the first private banks in China initiated by Ant Group and approved by the China Banking Regulatory Commission (CBRC). It is also the first bank to build its core system on the financial cloud platform. It has no offline outlets and provides services to users only through the Internet.
Based on the financial cloud computing platform, MYbank has the ability to handle a large number of transactions and data, and focuses on providing financial services to small and micro enterprises and individual operators.
SEE ALSO: Alipay Reduced Fees for SMEs by Nearly $786M in Past Six Months
In recent years, technological developments have greatly improved the availability of small and micro loans in China. Since the establishment of MYbank six years ago, more than 40 million small and micro operators have used the company’s digital credit services to help their own operations, and 80% of them had never obtained operating loans from other banks in the past.