MYbank, a leading online private commercial bank under Ant Financial Services Group, stated in its annual report released that it has served 20.87 million small and micro businesses in China as of the end of 2019.
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“Even though my business will not be completely back to normal in six months, the financial support we have received will help get us back on track”
As part of the Star Plan launched in June 2018, MYbank has worked with over 400 financial partners to provide business loans to Chinese SMEs as of 2019. 80% of MYbank loan users had previously never received business loans from banks.
The average outstanding loan size for MYbank users was RMB 31,000 (approximately USD 4,300) in 2019, an increase of nearly 20% compared to last year, reflecting robust growth among SMEs in China. MYbank plans on extending credit lines to 70% of small and micro businesses in China in 2020, up from 50% in 2019.
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The non-performing loan (NPL) ratio for MYbank’s SME business loans has consistently been at around 1%, which is significantly lower than the industry average of 3.22% in 2019, according to the China Banking and Insurance Regulatory Commission.
“Small and micro businesses constitute an essential pillar of our economy, and we are proud to have supported over 20 million small and micro businesses as of 2019. Our primary goal in 2020 is to continue to enable the sustainable growth of SMEs and empower them to overcome these challenging times and thrive,” says Mr. Jin Xiaolong, President of MYbank. “This underscores our confidence in the resilience of small enterprises across the country as they resume work and life.”
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