Alipay has suspended money transfer functions in MYbank

Several Chinese media  have reported,  that Alipay  has suspended money transfer functions in MYbank. According to Alipay staff, MYbank will gradually terminate Alipay's balance transfer function based on the adjustment of business rules.


If the merchant needs to withdraw the Alipay balance and transfer it to MYbank, you can first withdraw it to the card of another bank, and then transfer the balance from the bank card to MYBank. Currently, merchants who receive a money code will withdraw their Alipay balance to their bank card without paying processing fees.


MYbank was one of the first private banks in China established by Ant Group to be approved by the China Banking Regulatory Commission (CBRC). MYbank is the first bank in China that was established on a financial cloud platform and did not have offline branches, this bank provided all services to its users only via the Internet.


The main difference between MyBank and hundreds of other banks was the focus only on work for individuals. In addition, the bank provided loans to small and medium-sized businesses.