Both Ant Fortune and Shengjing Bank said on Monday that there are no issues with the withdrawal of funds from Shengjing Bank on the Alipay app, after some netizens claimed on social media that they had problems taking out money.
Shengjing Bank, said on Monday it has stopped selling banking products on the Alipay platform to comply with regulatory requirements but the withdrawal function remains normal for existing users, Yicai reported.
So far, existing Alipay users only check their balance, see purchase details and have early withdrawal and the service is normal, Shengjing Bank said.
Ant Fortune also said on its official Weibo account that its cooperation with Shengjing Bank was terminated in early 2021. Existing users can still withdraw deposits on Alipay which has been normal.
In response to the problems withdrawing money mentioned by netizens, Ant Fortune said the withdrawal time is between 7 am and 11 pm, everyday.
Some netizens who tested the Alipay app found that the function of funds withdrawal was normal and a transaction can be completed in seconds.
The Shengjing Bank said it stopped selling banking products after the China Banking and Insurance Regulatory Commission and the central bank issued a notice last January, which banned commercial banks from carrying out time deposit and time-demand optional deposits through non-self-operated network platforms.
As a result, third-party platforms began to remove banking products of commercial banks.
The financial health of Shengjing Bank has come under the spotlight as it is one of the main lenders to Evergrande.
In 2021, the State-owned Assets Supervision and Administration Commission in China’s northern city of Shenyang increased its stake in Shengjing Bank, replacing the China Evergrande Group as its largest shareholder.
The Shengjing Bank reported a net profit of 402 million yuan ($59.85 million) in 2021, down 66.6 percent from a year earlier. The bank’s non-performing loan ratio stood at 3.28 percent by the end of 2021, according to the annual report.
Source:- Global Times
