NEW YORK (TheStreet) -- Alibaba (BABA) - Get Report shares are fluctuating in trading today and are flat at $85.16 in afternoon trading on Thursday after the Chinese online retail company announced the launch of an Internet bank today.

MYBank, which is owned by an Alibaba's finance arm, is an answer to the company's Chinese rival Tencent (TCEHY)  which launched internet bank WeBank in January.

"MYBank is here to give affordable loans for small and micro enterprises, and we are here to provide banking services, not for the rich, but for the little guys," said MYBank executive chairman Eric Jing.

MYBank holds one of six new banking licenses that were granted by the Chinese government to privately owned companies in an effort to diversify that country's financial, according to the Financial Times.

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