Two New Digital Banks Launching in China

Sichuan Xinwang Bank and Jilin Yilian Bank have received licensing to provide internet banking services in China; the two banks will bring the total number of digital only banks in China to four; Xiaomi is a leading Chinese shareholder in Sichuan Bank with a 29.5% stake and Meituan is a leading shareholder in Jilin Yilian Bank with a 28.5% stake; the other two digital banks in the Chinese market include Ant Financial’s MyBank and Tencent’s WeBank.  Source