Lakala to offer complete range of financial services

Lakala Group, a payment service provider, plans to apply for all seven of China's financial services licenses to become a composite financial group, according to its chairman Sun Taoran.

"It is widely believed that only the top three companies can survive in the online industry," he said. "But that's not applicable to the online financial sector, where any company can find its place and grow, as long as it has the strength.

"It is true, however, that online financial companies find it hard to grow if it focuses on just one area. That's why we are planning to apply for multiple licenses," said Sun.