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Alibaba Internet finance gets Seoul fillip

By Ma Si | China Daily | Updated: 2015-12-01 08:05

Group-backed online bank receives initial permit from South Korean government

Alibaba Group Holding Ltd is expanding its Internet finance business beyond China, after a local lender it helped co-launch got an online banking permit from the South Korean government.

Zhejiang Ant Small & Micro Financial Services Group Co, the Internet financial affiliate of Alibaba, said on Monday that the South Korean government has given preliminary approval to K Bank, the Internet bank it is jointly launching with telecom company KT Corp and other investors.

Alibaba Internet finance gets Seoul fillip

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