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Gloves Off as China’s Banks, Alibaba Invade the Other’s Turf

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China is the scene of a growing rivalry: In one corner is billionaire Jack Ma’s Alibaba Group Holding Ltd., which holds the title as the country’s biggest online retailer. In the other are China’s biggest banks.

This week, Alibaba is launching MYbank, an online lender that will tap into Chinese savers’ record $7.8 trillion of deposits and a banking revenue stream that’s forecast to double by 2020.