MYbank Shortens Payment Cycles for Small and Micro Businesses in the Lead up to This Year’s 11.11 Global Shopping Festival
Leveraging Ant Group's technologies, MYbank has pioneered the “310 model” that enables SMEs to apply for 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
“For many SMEs across China, the 11.11 Global Shopping Festival this year has added significance and presents an important opportunity to strengthen business continuity and growth,” said Mr. Jin Xiaolong, President of MYbank. “We are dedicated to supporting them at this critical time and to alleviate turnover pressure by extending our collateral-free financing offer to businesses that have received pre-sale orders.”
The financing service, in line with MYbank’s commitment to supporting the sustainable growth of SMEs, is made available to merchants ahead of the 11.11 Global Shopping Festival. Many consider the event to be their single biggest growth driver of the year.
Established in 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 as of June 2020.
According to data from the People’s Bank of China (PBOC), SMEs account for over 90% of business entities in China and contribute to 80% of urban employment and 60% of Chinese GDP. As of June 2020, MYbank and its partners have served 29 million SMEs in China, including street vendors. Their average loan size is RMB 36,000 (approximately USD$5,000).
View source version on businesswire.com: https://www.businesswire.com/news/home/20201020006336/en/
Website: https://www.mybank.cn/
Contact
MYbank
Sarah Dai
sarah.dai@antgroup.com
This news is a press release provided by Mybank.
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2019년 6월 24일 15:00