MYBANK
30.4.2024 15:42:35 CEST | Business Wire | Press release
MYbank, a leading digital bank in China and an associate of Ant Group, today released its 2023 Annual Report, which announces that the bank has cumulatively served over 53 million small and micro-sized enterprises (SMEs) as of the end of 2023. The report also highlights MYbank’s continued investment in technology, with 36% of its operating expenses allocated to tech and over 64% of its workforce comprising of tech talents.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240430942970/en/
MYbank makes financing more accessible for 53 million SMEs (Graphic: Business Wire)
“MYbank remains committed to supporting SMEs’ funding needs amidst ongoing economic and technological transformations. As a technology-driven bank, MYbank will enhance its capabilities through continuous exploration of AI and other emerging technologies, aiming to make finance more inclusive for all,” said MYbank President Feng Liang.
Leveraging Ant Group’s self-developed Bailing foundational model and other new technologies, MYbank enables better-informed lending decisions, making financing more accessible to its extensive base of SME clients, all without the need for physical branches.
In the field of supply chain finance across industries, MYbank's Goose System employs AI-powered knowledge graph capabilities to map out SMEs across entire industry supply chains. Furthermore, the system enhances the bank's ability to assess SMEs' business status and creditworthiness through automated analysis of industry research reports.
In the automobile sector alone, the Goose System has served over 1 million SMEs, 64% of which obtained collateral-free loans for the first time. These loans enabled SMEs to undertake more orders, leading to an average monthly delivery volume increase of 17%.
MYbank has continuously enhanced its AI-powered conversational risk control solution, Lark System, to optimize credit line management for SMEs. Lark operates as a 24/7 digital customer service manager, automating customer interactions and processing various types of customer-uploaded information. Leveraging multimodal analysis, Lark accurately assesses customer needs and delivers tailored credit lines. As of the end of 2023, Lark had served over 8 million SME clients with an average credit limit increase of RMB 45,000 per customer.
In agricultural finance, MYbank has been expanding the coverage of its Tomtit System, which utilizes satellite remote sensing technology to identify crop types and estimate the agricultural output of specific farmlands that growers marked on a digital map. This system enhances the bank's ability to assess potential credit risks more accurately, empowering it to make informed credit decisions when farmers apply for collateral-free loans. By the end of 2023, the Tomtit System can recognize 15 types of crops, and 1.69 million growers across China’s 31 provinces have received online loans through the system.
Through continuous investment in technology, MYbank successfully meets the typically frequent, urgent, and short-term funding requirements of SMEs. In 2023, over 72% of MYbank’s 3 million newly added loan recipients obtained businesses loans from a bank for the first time. Additionally, more than 60% of MYbank’s SME clients received loans with interest below 100 RMB, with the average loan size being 72,000 RMB.
About MYbank
Founded in 2015 with a focus on serving SMEs and farmers, MYbank was among the first group of pilot private commercial banks in China. It was also the first bank in China to deploy 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 on a mobile phone, less than one second to approve and requires zero human interaction.
In addition to advanced risk-management solutions, MYbank has harnessed technologies such as AI and remote sensing to streamline credit services for farmers. This approach eliminates the need for lengthy processes or paper documentation, making digital loans more accessible to them.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240430942970/en/
About Business Wire
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
Bending Spoons S.p.A. announces closing of initial public offering2.7.2026 20:35:00 CEST | Press release
Bending Spoons S.p.A. (“Bending Spoons”), a leading technology company, today announces the closing of its initial public offering of an aggregate of 57,971,015 of its ordinary shares, at an initial public offering price of $29.00 per share. The offering consisted of 34,398,640 shares sold by Bending Spoons and 23,572,375 shares sold by certain selling shareholders (the “Selling Shareholders”). The gross proceeds from the offering to Bending Spoons, before deducting underwriting discounts and commissions and other offering expenses, was approximately $953,917,285.50. Bending Spoons did not receive any proceeds from the sale of shares by the Selling Shareholders. Bending Spoons’ ordinary shares began trading on the Nasdaq Global Select Market on July 1, 2026 under the ticker symbol “BSP”. Goldman Sachs International, J.P. Morgan, and Allen & Company LLC are acting as joint lead book-running managers for the offering. Wells Fargo Securities, BofA Securities, Jefferies, Evercore ISI, BNP
Strategic Partnership Between Record Asset Management and Admicasa2.7.2026 19:00:00 CEST | Press release
RAM Swiss Holding AG announces a strategic partnership with Admicasa Holding AG (Admicasa). RAM Swiss Holding AG is a subsidiary of LSE-listed Record Financial Group (Record) and part of the Record Asset Management (RAM) group of companies. The partnership is a milestone in the growth of Admicasa and marks an important step in the continued expansion of Record’s private markets platform. Subject to regulatory approval, the agreement, signed on 1st July 2026, provides RAM Swiss Holding AG with a 50% participation in the Admicasa Fondsleitung AG, part of Admicasa, and establishes a long-term partnership to develop investment opportunities in the Swiss and Global real estate market with a plan to expand into other asset classes in the medium term. RAM is the European asset management arm of Record, the LSE-listed specialist investment group managing USD 115 billion of assets on behalf of institutional clients worldwide. Record's client base comprises pension funds, foundations, sovereign
IQM Quantum Computers Becomes First European Quantum Computing Company Listed on a Major U.S. Exchange2.7.2026 16:47:00 CEST | Press release
IQM begins trading on Nasdaq Global Select Market under the ticker symbol “IQMX” Company enters next phase of growth as a publicly traded leader in full-stack superconducting quantum computing IQM maintains a strong pro forma cash position of EUR 337 million IQM Quantum Computers (Nasdaq: IQMX) (“IQM”, “IQM Quantum Computers” or the “Company”), a global leader in full-stack superconducting quantum computers, today became a publicly traded company following the completion of its business combination with Real Asset Acquisition Corp. (“RAAQ”). This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260702960460/en/ IQM Quantum Computers Becomes First European Quantum Computing Company Listed on a Major U.S. Exchange The company’s American Depositary Shares begin trading today on the Nasdaq Global Select Market under the ticker symbol “IQMX”. The listing marks a major milestone for IQM establishing the company as the first European quan
GigaDevice Launches First GD24CL Series I²C EEPROM, Further Expanding Its Non-Volatile Memory Portfolio2.7.2026 16:00:00 CEST | Press release
GigaDevice, a leading semiconductor company specializing in Flash memory, 32-bit microcontrollers (MCUs), sensors, and analog products, announced today the launch of its new GD24CL series I²C EEPROM. The series delivers outstanding performance, comprehensive security protection mechanisms, and excellent reliability that addresses the stringent requirements for stable and long-term storage of critical configuration data. These offered features will benefit applications in industrial, energy, Internet-of-Things (IoT), data centers, and networking. As GigaDevice’s first EEPROM product series, the launch further enhances the company’s non-volatile memory portfolio and provides customers with more dynamic storage solutions. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260702394554/en/ GigaDevice Launches First GD24CL Series I²C EEPROM, Further Expanding Its Non-Volatile Memory Portfolio. The GD24CL series is designed with high
Medical University of Graz Enrolls First Patient in DEEPER CHALLENGE Trial Evaluating Spur® Peripheral Retrievable Scaffold System in a Select CLTI Cohort2.7.2026 13:00:00 CEST | Press release
Reflow Medical, Inc. announces that the Medical University of Graz has enrolled the first patient in the DEEPER CHALLENGE clinical trial. This investigator-initiated, single-center, single-arm, prospective study, supported by a grant, investigates early vessel recoil following below-the-knee treatment using the Spur® Peripheral Retrievable Scaffold System in combination with a commercially available drug-coated balloon. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260701995624/en/ The study investigates early vessel recoil following below-the-knee treatment using the Spur® Peripheral Retrievable Scaffold System in combination with a commercially available drug-coated balloon. The study plans to enroll up to 40 patients with chronic limb-threatening ischemia (CLTI) across two distinct cohorts: patients with diabetes and patients with end-stage renal disease receiving hemodialysis for at least six months, with women comprisi
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom