Two of China’s largest Internet companies are among Beijing’s choices to set up five private banks, as it enlists private capital to shake up the state-dominated banking sector.
Alibaba Group Holding Ltd. and Tencent Holdings Ltd. TCEHY -1.55% will both take part in the program, which a Chinese regulator said Tuesday would establish private banks on a trial basis in the big cities of Tianjin and Shanghai, as well as in prosperous Zhejiang and Guangdong provinces.
The inclusion of the two Internet giants is another signal that regulators want to enroll private technology companies in making the country’s banking system more competitive and responsive to private customers.
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