MYBANK
21.10.2020 06:40:06 CEST | Business Wire | Press release
MYbank, a leading online private commercial bank in China with a focus on serving small and micro businesses, today announced a program to provide RMB 400 billion of collateral-free credit to businesses in need as they gear up for this year’s 11.11 Global Shopping Festival.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201020006336/en/
As part of the dedicated program, MYbank is offering a total of RMB 200 billion in short-term loans to help small and micro business owners overcome the economic impact of the COVID-19 pandemic. This enables business owners, particularly smaller vendors with more immediate capital needs, to receive payments in full once buyers place their pre-orders, in turn shortening the payment cycle and turnover by up to about 20 days.
“For many SMEs across China, the 11.11 Global Shopping Festival this year has added significance and presents an important opportunity to strengthen business continuity and growth,” said Mr. Jin Xiaolong, President of MYbank. “We are dedicated to supporting them at this critical time and to alleviate turnover pressure by extending our collateral-free financing offer to businesses that have received pre-sale orders.”
The financing service, in line with MYbank’s commitment to supporting the sustainable growth of SMEs, is made available to merchants ahead of the 11.11 Global Shopping Festival. Many consider the event to be their single biggest growth driver of the year.
Established in 2015, MYbank is one of the leading private online commercial banks in China focused on serving SMEs and farmers. It was the first bank in China to establish its core banking system entirely on the cloud without any physical branches. Leveraging Ant Group’s AI, computing and risk management technologies, 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.
SMEs in China supported by the “310 model” have shown resilience during the Covid-19 pandemic, with 98% of them repaying their loans on time as of June 2020.
According to data from the People’s Bank of China (PBOC) , SMEs account for over 90% of business entities in China and contribute to 80% of urban employment and 60% of Chinese GDP. As of June 2020, MYbank and its partners have served 29 million SMEs in China, including street vendors. Their average loan size is RMB 36,000 (approximately USD$5,000).
View source version on businesswire.com: https://www.businesswire.com/news/home/20201020006336/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
Windrose and Autel Validate Real-World Megawatt Charging Under MCS Standard in the Netherlands17.3.2026 09:03:00 CET | Press release
As electric heavy-duty vehicles continue to expand across Europe, charging infrastructure is evolving toward megawatt-level capability. Windrose and Autel Europe recently announced the successful completion of a real-world Megawatt Charging System (MCS) charging session at the Mega Charging Hub of a prime customer of Revolt in Roosendaal, marking an operational validation of charging under the MCS standard in live site conditions. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260313298350/en/ Windrose electric truck charging with Autel’s MCS-enabled megawatt charging system. The deployment features a modular megawatt configuration combining three MaxiCharger DS480 high-power charging cabinets connected in parallel to form a 1,440 kW system. The setup is paired with the MaxiCharger DT1500 MCS-enabled dispenser, capable of delivering up to 1.2 MW output through the MCS interface with a maximum current of 1,500 A, while also s
Aqara Enhances Smart Home Security Lineup with Camera Hub G350, and the Doorbell Camera G400 (Wired)17.3.2026 09:00:00 CET | Press release
Aqara offered a unified, comprehensive home security experience to users with the world’s first Matter-certified camera and the reliable wired camera Aqara, a global leader and pioneer in IoT, today announced the availability of the Camera Hub G350, the world’s first Matter-certified camera, and the Doorbell Camera G400 (Wired), expanding its next-generation smart home security lineup. Together, these new products deliver seamless interoperability, intelligent monitoring, and comprehensive home coverage for the modern smart home. Camera Hub G350: World’s First Matter-Certified Camera and Smart Home Controller The Aqara Camera Hub G350 marks an important milestone for Aqara as the world’s and the company’s first Matter-certified camera. Built to deliver future-ready interoperability, the G350 connects directly to Matter-enabled platforms* while offering live view, two-way audio, and alerts within the Matter-enabled ecosystem. Beyond serving as an indoor security camera, the device also
Yolanthe Cabau Honoured With Lifetime Achievement Award for Her Global Fight Against Child Sexual Exploitation17.3.2026 09:00:00 CET | Press release
The actress, entrepreneur and philanthropist was recognised during UN Commission on the Status of Women Week for nearly two decades of advocacy with her foundation, Free a Girl During the United Nations Commission on the Status of Women Week, actress, entrepreneur and philanthropist, Yolanthe Cabau, was awarded the Lifetime Achievement Award from the New York City Bar Association in recognition of her work combating the sexual exploitation of children. Held in New York, the awards evening emphasised the importance of safety within the justice system, recognising that protecting vulnerable children also requires safeguarding the frontline teams working to create change. As the founder of the anti-child sex trafficking NGO Free a Girl, the Lifetime Achievement Award recognises Cabau’s eighteen years of dedication to rescuing children from sexual exploitation worldwide and supporting their path to justice, recovery, and empowerment. Free a Girl is a women-led organisation working to comba
Mobileum Showcases “Signal to Value” at MWC Barcelona 202617.3.2026 09:00:00 CET | Press release
AI-driven capabilities across roaming, fraud and risk management, network assurance, and enterprise AI help operators turn network events into insight, action, and revenue Mobileum Inc. (“Mobileum”), a leading global provider of analytics and network solutions, highlighted its ”Signal to Value” vision at MWC Barcelona 2026, demonstrating how telecom operators can turn network events into insight, action, and revenue. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260317260292/en/ Mobileum team at MWC Barcelona 2026. At the event, Mobileum demonstrated how operators can leverage its Active Intelligence Platform to enhance roaming performance, strengthen fraud and risk defenses, and automate network assurance across increasingly complex global networks. “Operators generate massive volumes of network events every second, but the real value comes from turning those events into insights, action, and revenue,” said Bernardo Lucas,
SIAL Paris 2026 : the Event That Sheds Light on and Accelerates the Global Food Business17.3.2026 09:00:00 CET | Press release
SIAL Pariswill return to Paris Nord Villepinte from 17 to 21 October 2026. The 2026 edition is set to be the most ambitious in the show’s history, surpassing an already record-breaking 2024 event and further cementing its status as a global benchmark for the food industry. SIAL Paris once again positions itself as a powerful business accelerator, an unparalleled showcase for major innovations and a strategic observatory of the trends shaping the future of food worldwide. With 85% of exhibition space already booked, up to 8,000 exhibitors expected, 295,000 professionals and more than 280,000 m² of exhibition space spanning 10 key sectors, SIAL Paris 2026 confirms both its exceptional international reach and the strong commitment of companies across the entire food value chain. A STRONG COMMERCIAL DYNAMIC AND A HIGHLY INTERNATIONAL SHOW Seven months ahead of opening, SIAL Paris 2026 is already posting strong commercial indicators. More than 260,000 m² of exhibition space has been sold, r
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