MYbank, a leading online private commercial bank under Ant Group, announced a five-year plan to reach more small and micro enterprises (SMEs) across China via supply chain finance and rural lending.
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“Through this five-year plan, we look forward to working with more financial institution partners to realize our shared vision to make financial services more accessible for SMEs”
The five-year plan details MYbank’s aspirations to work with partners across multiple sectors to better serve SMEs across China. Key measures and initiatives MYbank will implement as part of the plan include:
- Leveraging supply chain finance to support 10 million SMEs who traditionally have been unserved or underserved in the market.
- Working with 2,000 county and village managers to provide rural lending to SMEs in need.
- Collaborating with financial institution partners to distribute interest-free vouchers for business loans totaling RMB 300 billion.
- Serving 40 million female business owners and providing them with more economic opportunities.
“Through this five-year plan, we look forward to working with more financial institution partners to realize our shared vision to make financial services more accessible for SMEs,” said Xiaolong Jin, President of MYbank. “In the past, SMEs had to go through a one-way application approval process when they came to us for lending services. By working with our partners and embedding our services seamlessly into use cases such as supply chain finance and rural lending, we hope to bring our services to SMEs across a wide spectrum of industries.”
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Established on June 25, 2015, MYbank is one of the leading private online commercial banks in China focused on serving SMEs and farmers. It was the first bank in China to establish its core banking system entirely on the cloud without any physical branches. Leveraging Ant Group’s AI, computing and risk management technologies, MYbank also pioneered the “310 model” for SME financing, which offers collateral-free business loans that take less than three minutes to apply for on a mobile phone, less than one second to approve, and requires zero human intervention. SMEs in China supported by the “310 model” have shown resilience during the COVID-19 pandemic, with 98% of them repaying their loans on time.
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