The Alibaba and Tencent's private banking initiatives in China highlight expansion into new verticals
Alibaba is expected to launch a private online bank in 2Q 2015, which follows Tencent's launch in January 2015 of WeBank, China's first online-only private bank. This comment discusses Alibaba and Tencent's expansion into new verticals, the rationale underpinning these initiatives and the implications for other players in the market.
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