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Ant Financial Services Group, Alibaba's financial arm, also struck deals earlier this year to back Pakistan's fintech firm Telenor Microfinance Bank, as well as team up with Bangladesh's payment platform bKash.

Another 3 billion yuan of wealth management funds were illegally drawn or embezzled in this case, the CBRC said.

Anthony Fauci, a top infectious diseases expert and key member of the White House coronavirus task force, warned early Tuesday against using hydroxychloroquine for the coronavirus treatment.

Apart from the efforts made by banks and financial regulators, central and local governments should also launch policies to further cut company taxes and fees and reduce rental costs. These tax and fiscal policy measures may be more effective in alleviating the difficulties faced by small businesses, said Lian.

Apart from the retail front, the company will team up with local governments of "several major cities" and announce several partnerships in electronic displays used in public transportation within this year.