Business Wire

MYbank Makes Financing More Accessible for 45 Million SME Clients by Leveraging Digital Technology

Share

MYbank, a leading online private commercial bank and an associate of Ant Group, today reported that it served over 45 million small-and-micro enterprise (SME) clients at the end of 2021, representing a nearly 30 percent increase year-on-year, according to its 2021 annual report.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220428006381/en/

To view this piece of content from mms.businesswire.com, please give your consent at the top of this page.

MYbank's 310 lending model supports SMEs in need (Photo: Business Wire)

Leveraging its mobile app and cloud-based infrastructure, MYbank pioneered the “310 lending model”. Using this innovative model, it takes SME owners just a few clicks on their phones to obtain a collateral-free business loan. The entire application process can be completed within three minutes, approved within one second and requires zero human interaction.

The model is making mobile financing more accessible to SME owners, many of whom had never obtained a business loan before. More than 80% of MYbank’s new clients in 2021 were first-time borrowers. The average borrowing period was approximately 3 months, with 70% of interest per loan below RMB100 (approximately US$15).

Utilizing technologies such as graph computing, multimodal recognition, blockchain and privacy-preserving computation, MYbank’s supply chain financing solutions support blue-chip brands by providing more financing options for SMEs in their supply chains. In 2021, more than 500 major brands such as China Mobile, Haier and Mengniu Dairy implemented MYbank’s supply chain financing solutions, which helped to increase the accessibility of SME loans to 80% in their supply chains.

In 2021, MYbank continued to invest in technological solutions to make digital SME financing more accessible to clients in rural areas. For example, using remote sensing technologies on farmland, MYbank can effectively assess credit risk and extend credit lines to farmers based on factors such as crop growth and variety.

MYbank applies advanced risk-management technologies to ensure credit lines extended to SMEs are dynamically reviewed and adjusted to match their ability to repay. As a result, MYbank’s non-performing loan (NPL) ratio for its SME business remained fairly consistent in 2021 (1.53%) compared to 2020 (1.52%).

In its 2021 annual report, MYbank announced it will continue to open up its inclusive financing solutions and platform to brands, partner banks and other stakeholders and offer comprehensive services to SMEs and supercharge their growth.

About MYbank

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 interaction.

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 so that they no longer need to go through lengthy processes or file paper documents to obtain loans.

To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.

Contact information

Media Inquiries
MYbank: mediapress@service.mybank.cn

About Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.co.uk

(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

LintonPharm to Release Data on Catumaxomab for Advanced Gastric Cancer with Peritoneal Metastasis at 2022 ASCO Annual Meeting27.5.2022 15:00:00 CEST | Press release

LintonPharm Co., Ltd., a China-based biopharmaceutical company focusing on the development of T cell engaging bispecific antibodies for cancer immunotherapy, announces that preliminary results of Catumaxomab for advanced Gastric Cancer (GC) with peritoneal metastasis is published online at the 2022 American Society of Clinical Oncology (ASCO) Annual Meeting. Abstract Number:e16102 Abstract Title:Global multi-center phase I trial of the intraperitoneal infusion of anti-EpCAM x anti-CD3 bispecific antibody catumaxomab for advanced gastric carcinoma with peritoneal metastasis. The abstract is about the cohort A, stage I of the ongoing global phase Ⅲ trial that evaluating the safety and efficacy of Catumaxomab in advanced GC patients with peritoneal metastasis (clinicaltrials.gov: NCT04222114). Worldwide, GC is one of the most common cancers, contributing to more than 1 million cases per year and 5.6% of all cancer diagnoses [1]. Approximately 50% of the advanced GC patients will develop p

FEELM unveils the world's first ceramic coil disposable pod solution at Vaper Expo UK 202227.5.2022 13:38:00 CEST | Press release

FEELM, the flagship atomization tech brand belonging to SMOORE, today showcased the world's first ceramic coil disposable pod solution series, FEELM Max at Vaper Expo UK 2022 in Birmingham, UK. By launching the solution and showcasing its cutting-edge ceramic coil heating technology, FEELM is introducing ceramic coil to the emerging category of disposable vape. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220527005197/en/ (Photo: Business Wire) As a new category in the ascendant, the disposable vape has been growing in popularity since 2020. The market size of disposable (closed system) vaping product has grown to approximately USD2.125 billion in 2021, accounting for 22.7% of global vaping device market share; and it is expected to increase at a GAGR of over 28% from 2022 to 2026, being the fastest-growing category among all vaping products, according to the estimates of Frost & Suvillian. In 2022, the market size of disp

Mavenir’s Containerized Open vRAN Small Cell Solution Wins Award for Outstanding Contribution to Emerging Technology or Architecture27.5.2022 09:00:00 CEST | Press release

Mavenir, the Network Software Provider building the future of networks with cloud-native software that runs on any cloud and transforms the way the world connects, today announced to have won the SCF Small Cell Awards 2022 for Outstanding Contribution to Emerging Technology or Architecture, for its design and delivery of the first fully containerized small cell Open Virtualized Radio Access Network (Open vRAN), for indoor and outdoor connectivity. Mavenir’s containerized Open vRAN solution is a first of its kind and combines the interoperability of Open RAN with the portability and flexibility of containers. This small cell solution brings the same future-forward approaches of Open RAN and containerization having significant impacts in macro networks to small cell networks. The deployment of a containerized solution is a significant milestone in the evolution of connectivity, moving away from the physical infrastructure to a digital cloud-based environment. Containers take virtualizati

TYAN Brings Modern HPC Server Platforms for Data Centers at ISC 202227.5.2022 09:00:00 CEST | Press release

TYAN®, an industry-leading server platform design manufacturer and MiTAC Computing Technology Corporation subsidiary, will exhibit its latest HPC platforms powered by 3rd Gen AMD EPYC™ Processors with AMD 3D V-Cache™ technology for data centers deployments at the ISC 2022 event from May 30th to June 1st at booth #D400. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220527005002/en/ TYAN’s Server Platforms Powered by AMD EPYC 7003 Series Processors Provide the Best Foundation for Data Centers that Can be Tailored to Specific Workloads (Photo: Business Wire) “The amount of data generated by humans and machines has increased exponentially and this requires a steady increase of data center compute performance, therefore, modern data centers need balanced hardware to efficiently manage growing data volumes,” said Danny Hsu, Vice President of MiTAC Computing Technology Corporation's Server Infrastructure Business Unit. “TYAN’s ser

Takeda and Seagen to Highlight ADCETRIS ® Combination Data Showing Statistically Significant Improvement in Overall Survival (OS) for Patients with Advanced Hodgkin Lymphoma26.5.2022 23:25:00 CEST | Press release

Takeda Pharmaceutical Company Limited (TSE:4502) and Seagen Inc., (NASDAQ:SGEN) today announced that overall survival (OS) data from the Phase 3 ECHELON-1 clinical trial of an ADCETRIS® (brentuximab vedotin) plus chemotherapy combination will be presented in an oral session at the 59th American Society of Clinical Oncology (ASCO) Annual Meeting on Friday, June 3, 2022, 1:00-4:00 PM CT, and at the 27th European Hematology Association (EHA) Annual Meeting on Friday, June 10, 2022, 11:30 – 12:45 CEST. “The longer-term follow-up data from the ECHELON-1 trial have significant clinical importance, as this trial represents one of only two frontline randomized studies in advanced stage Hodgkin lymphoma that shows an overall survival advantage for the experimental arm,” said Stephen Ansell, M.D., Ph.D., Mayo Clinic, and ECHELON-1 study investigator. “These results clearly show that the addition of brentuximab vedotin to chemotherapy improves the long-term outcome of patients and the combination