Group-backed online bank receives initial permit from South Korean government

Alibaba Group Holding Ltd is expanding its Internet finance business beyond China, after a local lender it helped co-launch got an online banking permit from the South Korean government.

Zhejiang Ant Small & Micro Financial Services Group Co, the Internet financial affiliate of Alibaba, said on Monday that the South Korean government has given preliminary approval to K Bank, the Internet bank it is jointly launching with telecom company KT Corp and other investors.