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Alibaba Group Holding Ltd's financial affiliate launched on Thursday Internet bank MYbank, targeting the small- and medium-sized Chinese enterprises that have struggled to obtain credit from major financial institutions.
MYbank, which is 30-percent owned by Alibaba-linked Ant Financial Services Group, has 4 billion yuan ($644 million) of registered capital and will offer loans of up to 5 million yuan ($805,503), it said in a statement.
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