On December 11th, China Merchant Bank (CMB) announced that it had received approval to launch a “Direct Selling Bank.” The bank, named Zhaoshang Tuopu Bank (招商拓扑银行), will be 70% held by CMB and 30% by Chinabank Payments (网银在线), a wholly owned subsidiary of JD Digits. This is the second such license issued after Baixin Bank, jointly owned by CITIC Group and Baidu, received its license in 2017. With the license, Zhaoshang Tuopu Bank will conduct business online with no physical branches. In terms of business scope, a direct selling bank license is not much different from a private internet bank license, such as those issued to Webank or Mybank. For JD Digits, it is meaningful that it has finally entered the online banking competition, joining competitors such as Ant, Tencent and Xiaomi, which have already acquired their own respective internet banking licenses.