Private & Confident

Regulator's liberalization, innovation by non-State banks are making financial services inclusive

Ten years ago, Peng Jindong, then 21, set up a small e-store called Mmaicco to sell street-dance wear on Taobao, China's largest online marketplace operated by Alibaba Group Holding Ltd.

Peng was based in Zhengzhou, Henan province, then. Little did he realize that financial innovation, brought about by the liberalization of financial services and the advent of new Chinese private sector banks in offline and online channels, would help him to expand his business to men's and women's clothing.