MYbank Works With Financial Institution Partners to Serve Over 15 Million SMEs
MYbank, a leading online private commercial bank in China with a focus on SME financing, today announced that the bank’s Star Plan has enabled MYbank, with its financial institution partners, to serve over 15 million small and micro enterprises (SMEs). SMEs are key drivers of economic growth and this partnership is now serving more SMEs than any other in the world. The announcement comes on the day that MYbank celebrates its 4th Anniversary.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190623005055/en/
MYbank’s 310 lending model enables inclusive finance for SMEs in China (Photo: Business Wire)
MYbank’s Star Plan was announced on June 21, 2018 with the aim of using technology to enable 1,000 financial institution partners to provide more cost-effective financing services to 30 million SMEs in China within a three-year period.
A little over a year later and the Star Plan is showing significant progress. As of June 2019, leveraging Alipay’s AI, computing and risk management technologies, MYbank has worked with over 400 financial partners to provide business loans of over RMB 2 trillion (USD 290 billion) to a total of 15.74 million SMEs in China.
“After MYbank had been operational for a year in 2016, we were serving 1.7 million SMEs,” said Simon HU, Chairman of MYbank. “Today we serve over 15 million SMEs by combining our strength in risk management technologies with the capital support of our financial institution partners. As the Star Plan progresses, we look forward to increasing the inclusivity of financial services for SMEs by sharing our technologies with more financial institution partners.”
According to China’s State Administration for Market Regulation, as of July 2017, there were approximately 73 million SMEs in China, but this large market that has the potential to drive economic growth is not receiving the financial support it needs. Toward Universal Financial Inclusion in China, a joint report published by the People’s Bank of China (PBOC) and the World Bank in 2018, found that only 14% of China’s small businesses have access to loans or line of credit, compared to an average of 27% of small businesses across all G20 countries. The report highlights a number of reasons why SMEs do not apply for credit including a complex application process, perceived high costs associated with obtaining a loan, an inability to obtain sufficient loan size and maturity, as well as a long review and approval period.
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. Using proprietary AI and risk management technologies, the non-performing loan (NPL) ratio for MYbank’s SME business loans has consistently been at around 1%. As of March 2018, the average NPL for SME loans in China was 2.75%, according to the PBOC.
According to PBOC, SMEs refers to businesses with a line of credit below RMB 10 million (USD 1.5 million). The average line of credit that MYbank extended to SMEs stands at RMB 30,000 (USD 4,400) as of June, 2019.
With a focus on serving SMEs and farmers, MYbank was established on June 25th, 2015 and 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. As one of the brands under Ant Financial Services Group, MYbank leverages Alipay’s AI, computing and risk management technologies to improve customer service and increase efficiency. MYbank’s efficient operating model enables it to reduce the costs for its partner financial institutions.
Using a comprehensive AI-powered risk management system, which comprises of over 100 predicative models, 3,000 risk profiles and more than 100,000 metrics, MYbank calculates an appropriate line of credit for SMEs that minimizes the risk of excessive lending. As a result, the non-performing loan (NPL) ratio for MYbank’s SME business loans has consistently been at around 1%. As of March 2018, the average NPL for SME loans in China was 2.75%, according to the PBOC.
As of June 2019, MYbank has provided micro loans totaling over RMB 2 trillion (USD 290 billion) to over 15.74 million small and micro enterprises and entrepreneurs in China. The size of each loan is around RMB 10,000 (USD 1,500), reflecting the inclusive nature of MYbank business loans.
For more details of the Star Plan, please refer to our official website: MYbank launches Star Plan to support 1,000 financial institutions to serve 30 million SMEs in the next three years
Operated by Ant Financial Services Group, Alipay is the world’s leading payment and lifestyle platform. Launched in 2004, Alipay currently serves over 1 billion users with its local e-wallets partners. Over the years, Alipay has evolved from a digital wallet to a lifestyle enabler. Users can hail a taxi, book a hotel, buy movie tickets, pay utility bills, make appointments with doctors, or purchase wealth management products directly from within the app. In addition to online payments, Alipay is expanding to in-store offline payments both inside and outside of China. Alipay’s in-store payment service covers over 50 countries and regions across the world, and tax reimbursement via Alipay is supported in 35 countries and regions. Alipay works with over 250 overseas financial institutions and payment solution providers to enable cross-border payments for Chinese traveling overseas and overseas customers who purchase products from Chinese e-commerce sites. Alipay currently supports 27 currencies.
Le SHEN (Mr.)
Alipay / MYbank
Mobile: +86 139 1046 7197
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
Panasonic to Team up with IBM Japan in Improving Semiconductor Manufacturing Processes15.10.2019 01:46:00 CEST | Press release
On October 15, 2019, IBM Japan, Ltd. and Panasonic Corporation’s subsidiary, Panasonic Smart Factory Solutions Co., Ltd. (hereafter "Panasonic"), announced that the companies have agreed to collaborate to develop and market a new high-value-added system to optimize the overall equipment effectiveness (OEE) of customers’ semiconductor manufacturing processes and to realize high-quality manufacturing. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191014005718/en/ Aims of the collaboration (Graphic: Business Wire) As part of its circuit formation process business, Panasonic currently develops and markets edge devices and manufacturing methods that contribute to improving semiconductor manufacturing of advanced packaging. These new devices and methods include dry etching equipment, plasma dicers to produce high-quality wafers, plasma cleaners that increase metal and resin adhesion and high-accuracy bonding devices. This experti
SFL - Third-Quarter 2019 Financial Information14.10.2019 17:21:00 CEST | Press release
Regulatory News: SFL (Paris:FLY): Consolidated revenue by business segment (€000’s) 2019 (9 months) 2018 (9 months) Rental income 149,070 143,790 o/w Paris Central Business District 121,877 119,038 Paris Other 25,786 22,479 Western Crescent 1,407 2,273 Other revenue 0 0 Total consolidated revenue 149,070 143,790 Consolidated rental income for the first nine months of 2019 amounted to €149.1 million, up €5.3 million or 3.7% from the €143.8 million reported for the same period of 2018. - On a like-for-like basis (excluding all changes in the portfolio affecting period-on-period comparisons), rental income was €4.8 million (3.5%) higher, attributable to new leases signed in 2018, mainly in the Cézanne Saint-Honoré, Washington Plaza, #cloud.paris and 103 Grenelle properties, and to index increases. - Rental income from spaces being redeveloped declined by €2.4 million over the period, mainly reflecting the departure in 2018 of the last tenants from the 83 Marceau building, which is current
ADVA recognized as a Leaders Board Partner in the Intel® Network Builders’ Program14.10.2019 16:00:00 CEST | Press release
ADVA (FSE: ADV) today announced that it has been selected for the Intel® Network Builders Winners’ Circle Awards. ADVA was also one of a small number of companies to be recognized as part of the program’s Leaders Board with its Ensemble Connector virtualization platform, which was recently verified as an Intel® Select Solution for uCPE. The solution enables users to deploy a carrier-grade software layer that offers powerful performance and agile service provisioning. The award recognizes Ensemble Connector’s ability to deliver the benefits of network functions virtualization (NFV), support automated deployment at scale and turn the network edge into a platform for innovation. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191014005430/en/ Prayson Pate, CTO, Edge Cloud, ADVA (Photo: Business Wire) “We’re pleased to be working with Intel in its Intel Network Builders program and are proud to be recognized in the Winners’ Circl
Ksmartech, Leading Korean Developer Partners with Verimatrix to Offer Powerful App Security Technology for Automotive, Financial Markets14.10.2019 15:40:00 CEST | Press release
Verimatrix (Paris:VMX), a global provider of security and analytics solutions that protect devices, services and applications, today announced a strategic partnership with Korean-based Ksmartech Co., Ltd. A highly recognized Korean developer focused on IoT and mobile app security, Ksmartech previously included Verimatrix’s innovative Code Protection technologies into numerous app development projects. The partnership enables Ksmartech to expand its use of Verimatrix solutions and maximize security for globally recognized brands across the local automotive, banking and insurance markets. Ksmartech now also aims to begin including Verimatrix’s Whitebox technology and ProtectMyApp services across multiple offerings for the Korean market, emphasizing the importance of foundational security measures at the code level that significantly deter attacks by cybercriminals. “With our track record of success in local banking markets, we looked to expand our partnership with Verimatrix, bringing th
Analysis of Patients With Prior Gastrectomy Treated With LONSURF® (trifluridine/tipiracil) Published in JAMA Oncology14.10.2019 12:00:00 CEST | Press release
Servier and its partner Taiho Oncology, Inc. (US), a subsidiary of Taiho Pharmaceutical Co., Ltd. (Japan), announced today that detailed results from the analysis of patients with prior gastrectomy enrolled in the Phase III TA S-102 G astric S tudy (TAGS) evaluating LONSURF® (trifluridine/tipiracil) in adult patients with metastatic gastric or gastroesophageal junction adenocarcinoma previously treated with at least two prior lines of chemotherapy that included a fluoropyrimidine, platinum, and either a taxane and/or irinotecan-containing regimen, and if appropriate, HER2/neu-targeted therapy, were published in the October issue of JAMA Oncology . 1 In the preplanned subgroup analysis, 221 of 507 patients with mGC or GEJ adenocarcinoma with prior gastrectomy were enrolled and randomized to receive LONSURF (n=147) or placebo (n=74) on days 1-5 and 8-12 of each 28-day treatment cycle. Results showed that treatment with LONSURF was tolerable and prolonged survival versus placebo by 6 mont
‘Energy’ Pulses Through Superstar Swimmers in International Swimming League Leg in Naples14.10.2019 10:49:00 CEST | Press release
The second and final day of the International Swimming League’s first tour of Europe proved to be the most exciting of the young season thus far, as a sold out crowd at the Piscina Felipe Scandone in Naples, Italy, were treated to a pair of tight club battles that came down to the final event. The passion of the European fans was very evident to those competing, giving them a boost late in the match. “It's really cool how great this has been unfolding,” said Cali Condor’s Caeleb Dressel, who was named MVP with a match-high 57.5 points. “Again this is my first meet, but everyone loved Indy. And this is, I think, even a step up from that because it's in Europe this time. I think the fans are a little bit crazier, a little bit better, a little bit more into it.” "This is a whole other level of things. I mean, the crowd for one, but the lights, the DJ, the walkout, it makes it seem like an event. Not just something that you get to watch, but you feel like you're a part of it.” “The energy