MYBANK
MYbank, a leading online private commercial bank under Ant Financial Services Group, stated in its annual report released today that it has served 20.87 million small and micro businesses in China as of the end of 2019.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200427005353/en/
As part of the Star Plan launched in June 2018, MYbank has worked with over 400 financial partners to provide business loans to Chinese SMEs as of 2019. 80% of MYbank loan users had previously never received business loans from banks.
The average outstanding loan size for MYbank users was RMB 31,000 (approximately USD 4,300) in 2019, an increase of nearly 20% compared to last year, reflecting robust growth among SMEs in China. MYbank plans on extending credit lines to 70% of small and micro businesses in China in 2020, up from 50% in 2019.
The non-performing loan (NPL) ratio for MYbank’s SME business loans has consistently been at around 1%, which is significantly lower than the industry average of 3.22% in 2019, according to the China Banking and Insurance Regulatory Commission.
“Small and micro businesses constitute an essential pillar of our economy, and we are proud to have supported over 20 million small and micro businesses as of 2019. Our primary goal in 2020 is to continue to enable the sustainable growth of SMEs and empower them to overcome these challenging times and thrive,” says Mr. Jin Xiaolong, President of MYbank. “This underscores our confidence in the resilience of small enterprises across the country as they resume work and life.”
According to China’s State Administration for Market Regulation, as of February 2020, there are over 83.53 million individually-owned businesses registered in China, employing over 200 million people in total. Over the past few years, SMEs have contributed to more than 60% of China’s GDP and 80% of urban employment . MYbank has implemented a series of measures to help small and micro business owners overcome the economic impact of the COVID-19 pandemic, including:
- Providing 12-month loans totalling RMB 10 billion to online merchants from Hubei Province registered on Taobao and Tmall. These loans are interest-free for the first three months, with interest rates lowered by 20% for the remaining nine months.
- Providing 12-month loans totalling RMB 10 billion to Taobao and Tmall merchants from outside Hubei, with interest rates also lowered by 20%.
- Waiving interest rates for 360,000 offline micro merchants in Wuhan for the first month and cutting interest rates by 20% for Hubei merchants outside of the city.
- Partnering with 100 banks to launch the “Contactless Loans” initiative to support 10 million SMEs as they resume operations and overcome the impact of COVID-19.
Ms. Qiu Mengyi , a 26-year-old owner of a nail salon in Wuhan, applied for a business loan from MYbank when the city came out of lockdown in early April. “Even though my business will not be completely back to normal in six months, the financial support we have received will help get us back on track,” said Ms. Qiu. Mr. Mo Jiaxuan , a self-made owner of a claw machine company, also successfully applied for a business loan from MYbank. He also launched a claw machine mini-program on Alipay that enabled him to reach and engage with over 900 million users on the digital lifestyle platform and drive traffic to his online storefront.
MYbank’s Star Plan aims to strengthen SME financing over a three-year period. Through the plan, MYbank will enable 1,000 financial institution partners to provide more cost-effective financing services to 30 million SMEs in China. 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, using proprietary AI and risk management technologies.
About Ant Financial
Ant Financial Services Group is dedicated to using technology to bring the world equal opportunities. Our technologies, including blockchain, artificial intelligence, security, Internet of Things and computing empower us and our ecosystem partners to serve the unbanked and underbanked, bringing more secure, transparent, cost-effective and inclusive financial services to individuals and small and micro-sized individual customer and small businesses worldwide.
Ant Financial has formed international partnerships with global strategic partners to serve local users in those markets, and we serve Chinese travelers overseas by connecting Alipay with online and offline merchants. Brands under Ant Financial include Alipay, Ant Fortune, MYbank, and WorldFirst. For more information on Ant Financial, please visit our website at www.antfin.com or follow us on Twitter @AntFinancial.
About MYbank
MYbank is one of the leading private online commercial banks in China focused on serving SMEs and farmers. Ant Financial led the establishment of MYbank on June 25, 2015. It was 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, increase efficiency, and reduce costs for its partner financial institutions.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200427005353/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
The Blind Sailor Takes the Stage at WEF: "HIRO’s CHOICE" Project to Set Sail13.1.2026 05:00:00 CET | Press release
A Solo, Non-Stop Crossing of the Pacific Ocean “Blind Sailor Single-Handed Pacific Crossing Project 2027” is a world-first initiative in which Mitsuhiro Iwamoto, a completely blind Japanese yachtsman (blind sailor) based in San Diego, will attempt a solo, non-stop trans-Pacific crossing in the spring of 2027. Sailing a 28-foot yacht single-handedly, he aims to cross the Pacific Ocean from San Diego on the U.S. West Coast to Amakusa, Kumamoto Prefecture, Japan, without making port. Iwamoto will speak about this project at the World Economic Forum Annual Meeting 2026, to be held in January 2026. Project URL: https://hiros-choice.com/ This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260108087321/en/ Hiro Iwamoto / Global Keynote Speaker, First Totally Blind Sailor to Cross the Pacific The message he most wishes to convey at the WEF is the power of choice. He lost his sight at the age of sixteen—a moment when he nearly gave up on
MarkLines Gen-AI Beta Version Released for Automotive Industry13.1.2026 01:00:00 CET | Press release
MarkLines Co., Ltd. (Headquarters: Minato-ku, Tokyo; President & CEO: Makoto Sakai; TYO:3901) announced its launch of the "MarkLines Gen-AI Beta Version," the new feature for B2B users in the automotive industry. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260112383839/en/ "MarkLines Gen-AI Beta Version" can take questions in natural language and instantly give highly reliable, relevant data drawn from MarkLines’ extensive automotive database (Image: MarkLines Co., Ltd.) This AI-powered feature enables users to ask questions in natural language and instantly receive highly reliable, relevant data drawn from MarkLines’ extensive automotive database. Moreover, the system analyzes this information by leveraging the rich content across its platform and delivers clear, concise, text-based insights. By combining trusted data with advanced analytical capabilities through generative AI, this service represents a first-of-its-kind
Australian Defence Force Secures Satellite Communications on SES IS-2212.1.2026 22:30:00 CET | Press release
New agreement for uninterrupted UHF connectivity for Australian Defence Force through 2033, With Options Extending to 2041 Satellite communications solutions provider SES will provide secure uninterrupted satellite communications to the Australian Defence Force (ADF) for a minimum of 16 years thanks to a new extended agreement. The service will be provided via the SES Intelsat 22 satellite and an ultra-high frequency (UHF) military communications payload. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260112137182/en/ Assistant Secretary Space Systems Branch, Michael Hunt, formalizes contract negotiations for the through-life support of the IS-22 satellite with Rory Welch, senior vice-president of service delivery at SES Space and Defense. Photos: Corporal Annika Smit Under the renewed arrangement, SES will reposition the IS-22 satellite to a new orbital slot specified by the ADF, continuing a mission that has been the corne
NetApp Appoints Paul Fipps to the Board of Directors12.1.2026 22:05:00 CET | Press release
NetApp® (NASDAQ: NTAP), the intelligent data infrastructure company, today announced that Paul Fipps, President of Global Customer Operations at ServiceNow, has joined its Board of Directors. The board now has ten directors, nine of whom are independent, and 50% of whom have been appointed within the last five years. Fipps brings more than 20 years of experience driving technology-enabled growth and customer transformation. At ServiceNow, he currently leads global sales, customer success, partner ecosystems, and field operations. He previously served as EVP of Worldwide Sales at ServiceNow and as President of Under Armour Connected Fitness and Chief Experience Officer at Under Armour, overseeing global direct-to-consumer, connected fitness, and digital experiences. He also previously served on the advisory board of Quantum Metric. Fipps holds a B.S. in Information Systems, an MBA from the University of Baltimore, and is a graduate of The Wharton School’s Advanced Management Program. “P
FDA Accepts New Drug Application for Pimicotinib for the Treatment of Tenosynovial Giant Cell Tumor12.1.2026 20:00:00 CET | Press release
Not intended for Canada-, UK- or US-based media Merck, a leading science and technology company, announced today that the U.S. Food and Drug Administration (FDA) has accepted the company’s new drug application (NDA) for pimicotinib as a systemic treatment for patients with tenosynovial giant cell tumor (TGCT). The application is based on the primary results and longer-term follow-up of the global Phase 3 MANEUVER study, which demonstrated deep and durable tumor responses and meaningful improvements in clinical outcomes with pimicotinib. “With pimicotinib, we have an opportunity to significantly advance care for people living with TGCT, a painful and debilitating disease that has few effective and well-tolerated treatment options beyond surgery,” said David Weinreich, Global Head of R&D and Chief Medical Officer for the Healthcare business of Merck. “Based on clinical trial results showing not only a reduction in tumor burden, but also the ability to help alleviate symptoms like pain an
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