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
Thales Powers CES*-Winning Post-Quantum Chip From Samsung Electronics7.1.2026 08:15:00 CET | Press release
*Consumer Electronics Show, January 6-9, Las Vegas, NV, USA Thales’ secure operating system (OS) supports Samsung's security chip, winner of the CES 2026 ‘Best Cybersecurity Innovation’ Award. The chip is the first embedded Secure Element (eSE) to integrate post-quantum cryptography (PQC), protecting devices against tomorrow’s quantum-enabled cyber threats. Thales’ quantum-resistant software and OS enable unmatched performance, energy efficiency and long-term data protection. Quantum computers, with their unprecedented processing power, will ultimately challenge today’s encryption standards. This is why Thales welcomes the CES 2026 recognition awarded to the new post-quantum–ready security chip from Samsung Electronics' System LSI Business, which embeds Thales’ secure operating system and quantum-resistant cryptographic libraries. This breakthrough represents a major step forward in protecting connected devices against both current cyberattacks and tomorrow’s quantum-era threats. This
Heath Hoglund Joins Sisvel as Chief IP Officer7.1.2026 07:00:00 CET | Press release
Sisvel is pleased to announce the appointment of Heath Hoglund as the company’s first-ever Chief Intellectual Property Officer. In this role he will be fully responsible for the firm’s patent pools on a global basis. One of the world’s top IP dealmakers, Hoglund joins Sisvel having taken the decision to leave Via Licensing, where he was an outstanding President for four years. Prior to that, he had been Vice-President of IP and Standards at Dolby, overseeing the company’s patent portfolio, its patent licensing programmes, and leading on the formation and design of numerous patent pools and standards initiatives. The appointment creates a new Licensing and Programme Management leadership structure at Sisvel. This will strengthen collaboration between the functions, increasing Sisvel’s considerable growth potential. Licensing and Programme Management heads, Nick Webb and David Muus, will continue to lead their respective areas, retaining all current responsibilities. Heath Hoglund’s trac
SymphonyAI and Matas Group are Redefining Health & Beauty in the Nordics With AI7.1.2026 06:07:00 CET | Press release
Matas Group partners with SymphonyAI to streamline category management, elevate the customer experience, and accelerate growth across key Nordic markets In the ever-evolving health and beauty landscape, Matas Group continues to set the standard for innovation and customer care. As the largest retailer in its sector across Denmark, Sweden, Finland, and Norway, Matas Group is committed to delivering unified, data-driven experiences to millions of customers — both online and in-store. That commitment now takes a leap forward as Matas selects SymphonyAI, a global leader in Vertical AI platforms, as its partner to modernize category management across the entire enterprise. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260107270530/en/ Exterior of a Matas Group retail store in Scandinavia. The leading Nordic health and beauty retailer is expanding its category management capabilities through a new partnership with SymphonyAI. Fol
Lenovo Supercharges Enterprise AI with the Launch of Agentic AI and Lenovo xIQ to Deliver Full-Lifecycle Hybrid AI at Scale7.1.2026 02:00:00 CET | Press release
Lenovo Agentic AI gives organizations the governance, tools, advice, and ongoing support needed to deploy and manage production-ready AI agents faster and smarter – turning AI ambition into measurable impact.Three new Lenovo xIQ delivery platforms strengthen Lenovo’s Hybrid AI Advantage™ by delivering the automation and governance enterprises need to scale AI with confidence. Lenovo today announced the next phase of its Hybrid AI Advantage™ with the launch of Lenovo Agentic AI, a new full-lifecycle enterprise solution for creating, deploying, and managing AI agents, and Lenovo xIQ a new suite of AI-native delivery platforms designed to simplify, accelerate, and operationalize AI across the enterprise. This evolution extends Lenovo’s established Hybrid AI Advantage™ from a foundational AI architecture to a more complete, lifecycle-driven approach for deploying and scaling AI across the enterprise. Lenovo Hybrid AI Advantage™ is Lenovo’s end-to-end enterprise AI portfolio, providing the
Lenovo Defines the Next Era of Hybrid AI with Personalized, Perceptive, and Proactive AI Portfolio at Tech World @ CES 20267.1.2026 02:00:00 CET | Press release
Lenovo announces Lenovo and Motorola Qira personal agentic AI across devices, new Motorola flagship smartphones, expanded portfolio of AI PCs, visionary proofs of concept including agentic-native wearables, and revolutionary inferencing servers alongside breakthroughs in AI technologies for FIFA, Formula 1®, and entertainment. Today at Tech World @ CES 2026 at Sphere in Las Vegas, Lenovo unveiled the boldest innovations yet for the future of Hybrid AI, introducing a new personal AI super agent, AI PCs and smartphones, proofs of concept including agentic-native wearables, next-generation enterprise AI infrastructure, and breakthrough industry collaborations in entertainment and sports. Building on years of AI innovation across devices, infrastructure, solutions, and services, Lenovo demonstrated how AI is now personal, perceptive, proactive, and everywhere. Lenovo’s new offerings adapt to individuals and organizations, operating as digital twins to orchestrate actions across ecosystems
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