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
Merz Therapeutics Receives EU/EEA Approval for XEOMIN® for the Treatment of Pediatric Spasticity Associated With Pes Equinus17.9.2026 08:00:00 CEST | Press release
Approval expands XEOMIN use to include the symptomatic treatment of spasticity associated with pes equinus in children and adolescents with cerebral palsy aged 2 to 17 years. Approval includes both children and adolescents who are able to walk and those who are non-ambulant, broadening the population eligible for XEOMIN treatment Merz Therapeutics, a leading player in neurology-focused specialty pharma, today announced that it has received approval in the European Union (EU) / European Economic Area (EEA) for XEOMIN® (incobotulinumtoxinA) for the symptomatic treatment of spasticity associated with pes equinus, a condition in which tight calf muscles cause the foot to point downward, in ambulant and non-ambulant children and adolescents with cerebral palsy (CP) aged 2 to 17 years.1,2 This approval expands access to an established botulinum neurotoxin therapy for some of the youngest and most vulnerable patients across Europe. Spasticity is a common and often disruptive symptom in childr
Mediterranean Network for Haemoglobinopathies Launches in Rome, Connecting Clinical Experts and Patient Leaders to Advance Equitable Care17.9.2026 08:00:00 CEST | Press release
Founding members endorse a Declaration of Intent centred on practical collaboration, meaningful patient participation and evidence-based improvement. The Network will address shared challenges including blood supply, unequal access to specialist care and innovation, real-world evidence and European policy change. Avanzanite Bioscience becomes Founding Sponsor to support an independent platform designed to connect expertise, highlight unmet needs and help turn scientific and patient knowledge into practical collaboration. The Mediterranean Network for Haemoglobinopathies (MNfH) was recently launched at Palazzo Wedekind in Rome, bringing together leading clinicians and patient representatives from Cyprus, Greece, and Italy, with the Thalassaemia International Federation (TIF). Supported by Avanzanite Bioscience as Founding Sponsor, the independent regional platform will connect expertise across borders, strengthen the patient voice, and turn shared knowledge into practical initiatives th
IKI Advances Promotional Forecast Accuracy by More Than 10 Points With SymphonyAI17.9.2026 07:03:00 CEST | Press release
Lithuania's second-largest grocer brings AI-driven promotional planning to its network of 250 stores, with early results already showing double-digit gains in forecast accuracy SymphonyAI, a global leader in Vertical AI, today announced that IKI, one of Lithuania's largest grocery retailers, is implementing SymphonyAI's Promotional Evaluation and Promotional Planning solutions across its network of 250 stores, as part of its strategy to strengthen data-driven promotional planning. IKI continuously evaluates opportunities to strengthen its category management and promotional planning capabilities. As promotional programs become increasingly sophisticated, the retailer has invested in advanced analytics and AI-driven forecasting to support data-driven decision making across its business. In its initial work with SymphonyAI across select categories, IKI has seen promotional forecast accuracy improve by more than 10 percentage points, along with a reduction in stock-outs during promotional
Lattice Advances FPGA Design with New Leadership AI-Driven Development Tool, Lattice Prompt17.9.2026 04:00:00 CEST | Press release
Lattice Semiconductor (NASDAQ: LSCC), the low power programmable and platform firmware leader, today introduced a new leadership AI-powered FPGA development tool for small and mid-range FPGAs that redefines how FPGA developers work across the full design flow. Lattice Prompt pairs with AI agentic tools developers already use, combining them with Lattice design tools, knowledge base, and documentation to turn natural language inputs into validated responses, dramatically accelerating FPGA development while optimizing design performance and capability. "Accelerating time-to-market demands and rising design complexity are putting mounting pressure on FPGA developers to do more with every design cycle," said Esam Elashmawi, Chief Strategy and Marketing Officer, Lattice Semiconductor. "Lattice Prompt gives developers AI-assisted access to the full design flow, grounded in Lattice's validated knowledge, so they can focus on what matters most: building differentiated systems." Lattice Prompt:
Lattice Expands Secure Control FPGA Leadership with New Lattice Mach-N2 Family17.9.2026 04:00:00 CEST | Press release
Lattice Semiconductor (NASDAQ: LSCC), the low power programmable and platform firmware leader, today announced Lattice Mach™-N2 FPGA family, extending its long-running secure control FPGA leadership with new devices purpose-built for system control and security in modern infrastructure. Built on the Lattice Nexus™ 2 small FPGA platform, Mach-N2 combines integrated flash, a hardware Root of Trust, and CNSA 2.0-compliant post-quantum cryptography (PQC) with crypto agility for trusted, always-on system control and security across next-generation systems. "The demands on system control and security are accelerating as post-quantum mandates take hold, and customers building long-lifecycle infrastructure seek solutions that will help them design with today and tomorrow’s security needs in mind," said Esam Elashmawi, Chief Strategy and Marketing Officer, Lattice Semiconductor. "Mach-N2 represents a significant step forward in logic density and bandwidth while adding the most complete post-qua
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