(Yicai Global) March 6 -- Both the chairman and president of MYBank, Ant Financial Services' online-only bank, are set to change, a company insider told Yicai Global.

Ant Financial President Simon Hu will succeed Eric Jing, chairman and chief executive of the Chinese fintech company, as MYBank's chairman, the insider said. Meanwhile, MYBank President Huang Hao will also step down, with Vice President Jin Xiaolong taking over his post, according to the source.

MYbank unveiled the changes at a board meeting yesterday, the insider added. But the company can't officially announce the top management overhaul until it gets the green light from regulators.

Hu helped to launch financial businesses such as Alipay and Ant Financial after joining Alibaba Group in 2005. With experience at multiple large commercial banks, he replaced Jing as Ant's president in November. Jin was responsible for small business and internet finance while at Ping An Bank and its predecessor Shenzhen Development Bank. He joined MYbank in March 2017 as vice president.

Officially launched in June 2015, MYbank is one of China's first approved online lenders. Ant Financial is its largest shareholder with a 30 percent stake. The online lender has said that it aims to serve small and micro businesses whose loan needs are less than CNY1 million (USD149,000).

Head of MYbank since 2015, Jing will now focus on strategic planning at the parent company. Reports suggest that Huang will hold a more important position in another unit of Ant Financial, which is an affiliate of e-commerce giant Alibaba.

MYbank has cooperated with more than 400 financial institutions so far, serving around 15 million micro and small businesses, Jin said on March 1, adding that it aims to make loans available to nationwide street vendors within three years.