Caixin OnlineFinance & EconomicsTop Stories Finance Alibaba Forges Ahead with Bid to Transform Banking Industry
10.17.2013 12:07

Alibaba Forges Ahead with Bid to Transform Banking Industry

Jack Ma is turning his e-commerce giant into a big-time financial institution – in part by cozying up to traditional banks – but that also means meetings with regulators
By staff reporters Wu Hongyuran, Yang Lu and Zhang Bing
A

(Beijing) – When Jack Ma, founder and chairman of e-commerce giant Alibaba Group, vowed in 2008 to change the banking industry, the public was just beginning to understand his idea of a Net-based financial ecosystem.

Now the firm is offering small loans, securities investments and payment services. It has also ventured into insurance by co-founding a company to sell policies and settle claims online.

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