SHANGHAI, May 27 (Reuters) - China's banking regulator has granted permission to operate to MYbank, the online bank affiliated with Chinese e-commerce giant Alibaba Group Holding Ltd.
Alibaba-linked Ant Financial said in April it planned for the bank to launch in June as China's internet companies increasingly encroach upon the turf of traditional banks.
MYbank and rival Tencent Holdings Ltd's online WeBank are among several recently approved private banks, as Beijing looks to shake up its stodgy and largely state-owned finance industry.
Ant Financial will hold a 30 percent stake in MYbank, while subsidiaries of Fosun International Ltd and Wanxiang Group will hold 25 percent and 18 percent stakes, respectively.
(Reporting by John Ruwitch; Editing by Kazunori Takada)