Alibaba Finance applied to establish an Internet bank or e-bank recently. Financial authorities have launched researches on the subject (report in Chinese).

Different from traditional banks, Internet bank is actually a virtual bank, which has no bricks-and-mortar outlets and wider application of Internet technologies. Alibaba’s may become the first of this kind of bank in China, if the application is being approved. With a registered capital of 1 billion yuan ($161.92 million), Alibaba Internet Bank will be able to accept deposits, transfer money, make loans, among others.

Alibaba Finance proposed to found an Internet bank last year when representatives from authorities including the People’s Bank of China and the China Banking Regulatory Commission visited the company, but the idea reportedly was vetoed back then.

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Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.