China Banking Reform: 10 Private Companies Including Alibaba And Tencent Allowed To Set Up Private Banks

China's powerful tech giants, Alibaba Group Holding Ltd. and Tencent Holdings Ltd (HKG:0700), will likely become more powerful in the future but in a separate sector. The two companies are among the ten that were granted permission to set up private banks in China, a big step for the easing of restrictions in the banking sector, which is until now monopolized by state-owned banks.