O2O venture reveals change sweeping banks

Jiangsu Suning Co Ltd, launched in mid-June, is China's first private-sector online-to-offline or O2O bank. It signifies one more business model in the booming private-sector banking segment.

Backed by Chinese retailer Suning Commerce Group Co Ltd, Jiangsu Suning goes a step further than China's private banks that were established over the past two years.

More than half of them focus on businesses driven by internet-based technologies like e-banking. They include Tencent-backed WeBank, Alibaba-backed MyBank, Xiaomi-backed XW Bank, and Jilin Yilian Bank, which is affiliated to Chinese on-demand local services giant Meituan Dianping.