MYbank Aims to Bring Inclusive Financial Services to 2,000 Rural Counties By 2025
MYbank, a leading online private commercial bank in China and an associate of Ant Group with a focus on serving rural areas and small and micro enterprises (SMEs), announced today that it plans to more than double the number of rural counties it serves over the next four years.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210430005190/en/
The total number of SMEs served by MYbank has grown rapidly for five consecutive years with NPL kept at low levels (Photo: Business Wire)
The announcement came alongside the publication of its 2020 annual report, which highlighted that the total number of SMEs MYbank had served at the end of the year increased nearly 70% year-on-year to over 35.07 million from over 20.87 million at the end of 2019, driven by MYbank’s continuous growth in rural areas.
In the six years since its founding, MYbank has served customers in more than 750 counties in China. MYbank and its partners aim to offer financial services in 2,000 rural counties in the country by 2025 – MYbank’s 10th anniversary, ensuring rural customers can access the same financial services available in China’s big cities and solving the last-mile problem in rural finance.
“We have continued to record remarkable growth in customer base for five consecutive years,” said Xiaolong Jin, President of MYbank. “We expect rural finance to play a significant role in advancing financial inclusion, and will further our efforts to make rural finance more accessible with our financial institution partners.”
Meanwhile, thanks to its application of sophisticated risk management technologies, MYbank kept its non-performing loan ratio at 1.52%, far lower than the 2.99% average for SME loans in China as of June 20201.
Last year, MYbank also supported SMEs in the fight against the COVID-19. In March 2020, MYbank partnered with the All-China Federation of Industry and Commerce and the China Banking Association to launch a “Contactless Loans” campaign, in which 118 banks in China took part in offering supportive loans for SMEs as they resumed operations. The campaign provided over RMB 870 billion in loans to over 20 million SMEs in sectors hit hard by the pandemic, such as dining and retail. During the six months since the campaign started, MYbank and its partner banks waived RMB 665 million in interest payments for SMEs.
Formed in 2015 with a focus on serving SMEs and farmers, MYbank was among the first batch of pilot private commercial banks in China. It was also the first bank in China to establish its core banking system entirely on the cloud without any physical branches.
MYbank pioneered the “310 model” for SME financing, which offers a collateral-free business loan that takes less than three minutes to apply for on a mobile phone, less than one second to approve and requires zero human intervention.
In addition to advanced risk management solutions, MYbank has also leveraged technologies including image recognition and remote sensing in making credit services more accessible to farmers who no longer need to go through lengthy processes or file paper documents to obtain a loan.
1 Source: China Banking and Insurance Regulatory Commission, August 25, 2020.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
About Business Wire
(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Western Union Launches Cross-Border Payments on Google Pay11.5.2021 12:00:00 CEST | Press release
Google Pay users in the United States, India, and Singapore will be the first to benefit from Western Union’s linking of its cross-border platform capabilities with Google Pay. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210511005426/en/ Western Union Launches Cross-Border Payments on Google Pay (Graphic: Business Wire) Western Union (NYSE: WU), a global leader in cross-border, cross-currency money movement and payments, and Google have teamed up to provide users in the U.S. with access to Western Union’s highly rated digital money movement experience via the Google Pay app. Commencing today, Google Pay users in the U.S. will enjoy a seamless peer-to-peer in-app experience when sending cross-border payments to family and friends through Western Union’s global financial network of bank accounts, wallets and retail locations throughout India and Singapore. Users may fund their transactions using a Google Payi bank account o
Wise Platform Now Integrated on Google Pay11.5.2021 12:00:00 CEST | Press release
Wise today announces an integration to bring Wise Platform to Google Pay users. Starting today, Google Pay users in the U.S. on iOS and Android devices are able to send money to their friends and family abroad within the Google Pay app, with access to Wise’s fast, cheap, and transparent services. The initial launch will enable Google Pay users in the U.S. to send money to Google Pay users in India and Singapore, with global send money capabilities to people in Wise’s 80+ country network later this year. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210511005412/en/ Wise Platform Now Integrated on Google Pay Wise Platform allows banks, businesses and software companies to tap into the Wise network, giving them and their customers access to cheaper, faster international payments, all through an integrated customer experience. Through the Wise Platform APIs, Google Pay’s U.S. users can now send money to friends and family inte
Digital Transformation and Sustainability Evangelist Vijay Sethi Joins the Advisory Board of Cyble11.5.2021 10:42:00 CEST | Press release
Cyble, an AI-powered, Y Combinator-backed, cyber intelligence company that empowers organizations with darkweb/cybercrime monitoring and mitigation services, today announced the addition of eminent technology and sustainability evangelist Vijay Sethi to its Advisory Board. Vijay has rich experience in advising and mentoring corporates and startups in various facets of management, digital transformation, and sustainability. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210511005525/en/ Digital Transformation and Sustainability Evangelist Vijay Sethi Joins the Advisory Board of Cyble (Photo: Business Wire) “A key member of our Advisory Board, Vijay’s insights will help steer our strategic development initiatives. His appointment is in line with Cyble’s commitment to achieving our goals by ensuring sustained growth, maintaining operational excellence, establishing a culture of innovation, and raising the standards for corporat
Samsung Unveils Industry-First Memory Module Incorporating New CXL Interconnect Standard11.5.2021 10:27:00 CEST | Press release
Samsung Electronics Co., Ltd., the world leader in advanced memory technology, today unveiled the industry’s first memory module supporting the new Compute Express Link (CXL) interconnect standard. Integrated with Samsung’s Double Data Rate 5 (DDR5) technology, this CXL-based module will enable server systems to significantly scale memory capacity and bandwidth, accelerating artificial intelligence (AI) and high-performance computing (HPC) workloads in data centers. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210511005518/en/ Samsung Unveils Industry-First Memory Module Incorporating New CXL Interconnect Standard (Photo: Business Wire) The rise of AI and big data has been fueling the trend toward heterogeneous computing, where multiple processors work in parallel to process massive volumes of data. CXL—an open, industry-supported interconnect based on the PCI Express (PCIe) 5.0 interface—enables high-speed, low latency co
AVI's Treanor Responds to Symphony's Letter on the Recently Launched Public Campaign11.5.2021 10:00:00 CEST | Press release
On 29-Apr-21, Asset Value Investors (AVI) launched a public campaign calling for shareholder support to remove and replace the Board of Directors of Symphony International Limited (‘SIHL’). AVI notes the response from Anil Thadani, Chairman and Founder of the Investment Manager, published on 6-May-21: Symphony International Holdings Limited (“Symphony” or “SIHL”) Response in relation to Asset Value Investors Limited It is telling that it is Mr Thadani responding, when the core of our grievances made public last week rests on the independent directors seemingly being complicit in the way the company appears to be managed. Why is the “Independent” Chairman, Georges Gagnebin, silent? Why are shareholders asked to contact Mr Thadani with their concerns? Yet again, we see Mr Thadani appear to stand sentry between shareholders and the “independent” directors. The last letter from our BVI counsel to the Board dated 28-Jul-20 made clear that one of our next steps would be a public campaign. An
SmartStream Reveals Its Latest Reference Data Service for Exchange Notifications11.5.2021 10:00:00 CEST | Press release
SmartStream Technologies, the financial Reference Data Utility (RDU) solutions provider, today announces the launch of its Exchange Notification Service (ENS) as part of its SmartStream RDU solution suite and developed in partnership with clients. The ENS service has been designed to track, consolidate and normalise reference data notifications published by each exchange. Globally there are more than 100 exchanges where derivatives are traded. Due to multiple exchanges and formats, managing all the subscriptions from each exchange is a mammoth task. SmartStream in conjunction with several clients realised that missing exchange notifications in the reference data space can be very costly. With ENS, a firm no longer needs to incur the operational overheads of manually monitoring these notices. SmartStream RDU is the only service provider to produce a consolidated list of normalised notifications – providing a cost-effective, timely, complete, and accurate service. Linda Coffman, Executiv
ADVA adds encryption to flagship 10G edge device11.5.2021 09:00:00 CEST | Press release
ADVA (FSE: ADV) today launched its FSP 150-XG118Pro (CSH), addressing urgent enterprise demand for high-bandwidth connectivity with robust security. The new member of the ADVA FSP 150 programmable demarcation and edge compute portfolio supports 10Gbit/s MEF 3.0 Carrier Ethernet and IP services, provides precise synchronization capabilities and now features hardware-based encryption. With its comprehensive MACsec security, the ADVA FSP 150-XG118Pro (CSH) enables business data to pass safely and seamlessly across untrusted public networks and empowers communication service providers (CSPs) to offer fully encrypted bandwidth services. What’s more, like ADVA’s FSP 3000 transport solution, the ADVA FSP 150-XG118Pro (CSH) is ready to run post-quantum cryptographic (PQC) algorithms. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210511005059/en/ ADVA’s new FSP 150 will prove key for businesses seeking ultimate security for high-cap