Alibaba and Chinese banks do battle over online lending and e-commerce, Credit Karma secures new funding to expand its service as it looks to become the default for consumers’ complete financial identity, and more top stories from this week in FinTech.
Alibaba with the launch of its online lending service, MYbank, is set to tap into Chinese savers’ record $7.8 trillion of deposits. Needless to say, Chinese banks are not happy about this. Some of the biggest banks in China are striking back against Alibaba by attacking the company on its own turf, e-commerce. Business Times reports:
“‘China’s banks have woken up and realised that the challenge from Alibaba’s entry into banking is for real,’ said David He, a Hong Kong-based partner and managing director at Boston Consulting Group Inc. ‘For them, doing e-commerce is a defense as well as a counterattack.’”
Credit monitoring website CreditKarma.com has raised a $175 million Series D funding round to help expand its offering and develop new tools to help consumers get the best rates on home and student loans. Forbes reports: