MYBANK
8.10.2019 08:37:04 CEST | Business Wire | Press release
MYbank, a leading online private commercial bank in China and an Ant Financial brand that focuses on SME (small and mid-size enterprise) financing, was yesterday named a PLATINUM winner of the Global SME Bank of the Year award category at the Global SME Finance Forum Awards for leveraging innovative digital technology to make finance accessible for tens of millions of SMEs.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191007005902/en/
In 2015, MYbank pioneered the “310 model” for SMEs, which has enabled financial institutions in China to leverage proprietary risk management technologies so they can provide collateral-free business loans to SMEs. Not only has it enabled access to capital for SMEs, but they can apply for a loan simply by using their mobile phone, highlighting the ease and convenience of the model. Furthermore, as the name suggests, 3-1-0 lending enables borrowers to complete their online loan applications in three minutes, obtain approval in one second and with zero human intervention.
“We are very pleased to receive the recognition from IFC and the SME Finance Forum,” commented Simon HU, Chairman of MYbank, “In the age of the digital economy, digital finance can and should be used for the good of society. Our vision is to leverage digital technology and enable our financial partners to use the ‘310’ model to empower traditional unbanked and underbanked SMEs such as roadside vendors, mom-and-pop stores, and small business operators who contribute significantly to job creation and the growth of the real economy.”
On June 21, 2018, MYbank announced Star Plan which aimed to use 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. As of September 2019, the 310 model has enabled MYbank and its over 400 financial institution partners to serve at least 20 million SMEs. Leveraging proprietary risk management technologies, MYbank helps keep the non-performing loan (NPL) ratio for the SME business loans offered through the 310 model at around 1%. As of June 2019, the size of each loan provided by MYbank was around RMB 10,000 (USD 1,400), reflecting the specific needs of SMEs, many of whom are roadside vendors, mom-and-pop shops and individual business operators with no more than five employees.
Simon HU added, “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 in China and beyond.”
Organized by IFC, a member of the World Bank Group, and the SME Finance Forum and endorsed by the G20’s Global Partnership for Financial Inclusion (GPFI), the Global SME Finance Awards celebrate the outstanding achievements of financial institutions and fintech companies in delivering exceptional products and services to their SME clients.
Matthew Gamser, CEO of the SME Finance Forum said: “We hope the winners of the Global SME Finance Awards will inspire SME financiers all over the world to learn from their good practices. The Awards provide the winners an opportunity to showcase good practices on the global stage and foster learning amongst their peers.”
This year’s award winners were selected from a competitive pool of 144 applicants. A panel of independent judges chose the winners based on their Reach, Uniqueness and Innovation, Effectiveness and Impact, and Dynamism and Scalability.
About the SME Finance Forum
The SME Finance Forum works to expand access to finance for small and medium businesses. The Forum operates a global membership network that brings together financial institutions, technology companies, and development finance institutions to share knowledge, spur innovation, and promote the growth of SMEs. Established in 2012 by the G20 Global Partnership for Financial Inclusion, the SME Finance Forum is managed by IFC. For more information, visit http://www.smefinanceforum.org
About MYbank
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 its partner financial institutions to reduce costs.
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 end of 2018, the average NPL for SME loans in China was 3.16%, according to the People’s Bank of China .
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
View source version on businesswire.com: https://www.businesswire.com/news/home/20191007005902/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
Murata Launches Ultra-Low Power AMR Sensors to Boost Battery Life in Healthcare and Wearables Devices27.4.2026 04:00:00 CEST | Press release
Murata Manufacturing Co., Ltd. (TOKYO: 6981) (ISIN: JP3914400001) has commenced mass production of its MRMS166R and MRMS168R anisotropic magnetoresistance (AMR) sensors for healthcare, wearable, and IoT devices. The MRMS166R is the first AMR sensor to combine an average current consumption of 20 nA with operation from a 1.2 V supply, enabling extended battery life in coin cell-powered systems. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260413296947/en/ [Murata Manufacturing Co., Ltd.] AMR sensor The devices are solid-state magnetic sensors used for switching applications. They detect the presence or absence of a magnetic field and generate an output signal that system logic uses to control functions such as transitions between active and sleep modes. This enables contactless switching without mechanical components, improving reliability, and supporting sealed, miniaturized designs. Automatic switching between active and
Sun Pharma signs Definitive Agreement to Acquire Organon27.4.2026 01:51:00 CEST | Press release
Organon stockholders to receive US$ 14.00 per share in cashThe deal values Organon at EV of US$ 11.75 billionCombined Business leverages complementary portfolios and global scale for sustained long‑term value creation Sun Pharmaceutical Industries Limited(Reuters: SUN.BO, Bloomberg: SUNP IN, NSE: SUNPHARMA, BSE: 524715) (together with its subsidiaries and/or associated companies, “Sun Pharma”) and Organon & Co. (NYSE: OGN) (“Organon”) today announced that they have entered into a definitive agreement under which Sun Pharma will acquire all outstanding shares of Organon for US$ 14.00 per share in an all‑cash transaction with an enterprise valuation of US$ 11.75 billion. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260426881370/en/ Organon is a global healthcare company formed through a spinoff from Merck, known as MSD outside of the United States and Canada, in 2021. Organon has a legacy of deep trust and strong brand equit
Andersen Global udvider sin tilstedeværelse i Afrika med lanceringen af medlemsfirma i Cameroun26.4.2026 20:56:00 CEST | Pressemeddelelse
Andersen Global træder ind på det camerounske marked, idet Phoenix Advisory bliver medlemsfirma og overgår til Andersen-brandet. Andersen in Cameroun er et specialiseret rådgivningsfirma, der leverer strategiske, erhvervsmæssige, finansielle og operationelle rådgivningsydelser til organisationer i forskellige vækstfaser. Firmaet er grundlagt af fagfolk med erfaring fra store internationale organisationer og kombinerer et stærkt lokalt og centralafrikansk funderet kendskab til forretningsmæssige, juridiske og skattemæssige regler med en skræddersyet tilgang, der har til formål at skabe konkrete og målbare resultater for klienterne. "Overgangen til Andersen-brandet afspejler vores engagement i at vokse sammen med vores kunder og imødekomme stadig mere komplekse behov," udtalte administrerende partner Albert Désiré Zang. "Vi tror på, at langsigtet succes skabes gennem tillid, kvalitet og vedvarende support. At blive et medlemsfirma styrker vores evne til at levere gennemtænkte, bæredygtig
PMCOrganometallix Announces Price Increase on All Products24.4.2026 22:55:00 CEST | Press release
Due to significant changes in market conditions, PMC Organometallix, Inc. announces that effective May 1, 2026, or as contracts permit, prices across all product lines globally will increase by 10-25%. This adjustment is driven by sustained cost pressures from key inputs including rising raw material costs and escalating freight and logistics expenses. While the company has been absorbing these increases, the current economic environment brought on by the geopolitical crisis of the Iran conflict requires this adjustment to continue providing the high-quality, consistent materials and supply reliability that customers expect. PMC Organometallix will implement these changes in a transparent, collaborative manner and values your partnership while navigating these economic challenges. Customers with questions or to discuss a specific situation should contact their account representative. About PMC Group PMC Group is a growth-oriented, diversified, global chemicals and plastics company deli
Frankfurt Higher Regional Court upholds BESREMi® arbitral award in favor of AOP Health24.4.2026 18:52:00 CEST | Press release
Today, the Higher Regional Court of Frankfurt upheld the February 20251 partial final ICC arbitral award in favor of AOP Orphan Pharmaceuticals GmbH (“AOP Health”) in its dispute with PharmaEssentia Corp. (“PharmaEssentia”). The ruling confirms the award which found the Taiwanese company to be liable for certain damages. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260424005227/en/ Portrait Dr. Rudolf Widmann, Founder AOP Health Credit: AOP Health/Daniel Ospelt Dr. Rudolf Widmann, one of the two founders of AOP Health, explains: “We very much welcome the Frankfurt Higher Regional Court’s decision that confirms our position. In the interest of our patients, we are dedicated to maintaining stable and sustainable access to BESREMi® and to responsibly navigating future challenges.” The Product in Dispute The conflict centers around BESREMi® (ropeginterferon alfa-2b), a product launched in 2019 and developed by AOP Health into
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