MYBANK
30.4.2021 10:42:07 CEST | Business Wire | Press release
MYbank, a leading online private commercial bank in China and an associate of Ant Group with a focus on serving rural areas and small and micro enterprises (SMEs), announced today that it plans to more than double the number of rural counties it serves over the next four years.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210430005190/en/
The announcement came alongside the publication of its 2020 annual report, which highlighted that the total number of SMEs MYbank had served at the end of the year increased nearly 70% year-on-year to over 35.07 million from over 20.87 million at the end of 2019, driven by MYbank’s continuous growth in rural areas.
In the six years since its founding, MYbank has served customers in more than 750 counties in China. MYbank and its partners aim to offer financial services in 2,000 rural counties in the country by 2025 – MYbank’s 10th anniversary, ensuring rural customers can access the same financial services available in China’s big cities and solving the last-mile problem in rural finance.
“We have continued to record remarkable growth in customer base for five consecutive years,” said Xiaolong Jin, President of MYbank. “We expect rural finance to play a significant role in advancing financial inclusion, and will further our efforts to make rural finance more accessible with our financial institution partners.”
Meanwhile, thanks to its application of sophisticated risk management technologies, MYbank kept its non-performing loan ratio at 1.52%, far lower than the 2.99% average for SME loans in China as of June 20201 .
Last year, MYbank also supported SMEs in the fight against the COVID-19. In March 2020, MYbank partnered with the All-China Federation of Industry and Commerce and the China Banking Association to launch a “Contactless Loans” campaign, in which 118 banks in China took part in offering supportive loans for SMEs as they resumed operations. The campaign provided over RMB 870 billion in loans to over 20 million SMEs in sectors hit hard by the pandemic, such as dining and retail. During the six months since the campaign started, MYbank and its partner banks waived RMB 665 million in interest payments for SMEs.
About MYbank
Formed in 2015 with a focus on serving SMEs and farmers, MYbank 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.
MYbank pioneered the “310 model” for SME financing, which offers a collateral-free business loan that takes less than three minutes to apply for on a mobile phone, less than one second to approve and requires zero human intervention.
In addition to advanced risk management solutions, MYbank has also leveraged technologies including image recognition and remote sensing in making credit services more accessible to farmers who no longer need to go through lengthy processes or file paper documents to obtain a loan.
1
Source: China Banking and Insurance Regulatory Commission, August 25, 2020.
http://www.gov.cn/xinwen/2020-08/25/content_5537271.htm
View source version on businesswire.com: https://www.businesswire.com/news/home/20210430005190/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
SES Advances Next-generation MEO Strategy Following Successful Completion of IRIS² Rendez-vous 17.8.2026 10:52:00 CEST | Press release
IRIS² expands SES's differentiated MEO architecture while supporting Europe's secure, sovereign multi-orbit connectivity ambitions SES today announced the successful completion of Rendez-vous 1 (RDV1) under the Infrastructure for Resilience, Interconnectivity and Security by Satellite (IRIS²) programme, marking a key milestone in the programme's implementation phase and reinforcing Europe's path towards sovereign, resilient and secure satellite connectivity. The successful completion of RDV1 confirms the programme's readiness to move forward with implementation and provides greater visibility on the long-term scope, performance and economics of the MEO segment. SES's expected capital commitment for the MEO segment is up to €1.35 billion, reflecting current programme scope, while maintaining the deployment of 18 MEO satellites and the targeted service entry in 2030. SES’s share of the investment in the IRIS² programme for 2026 is included in SES’s FY26 Capex outlook as previously commun
Allianz Delivers Record Result and Is Well on Track to Achieve Its Targets7.8.2026 07:10:00 CEST | Press release
2Q 2026 This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260806509750/en/ Oliver Bäte, Chief Executive Officer of Allianz SETotal business volume at 45.6 billion euros, an internal growth of 5.7 percent1, with contributions from all segments. Asset Management delivers excellent growth. Operating profit rises 10.6 percent to a record level of 4.9 billion euros. Shareholders’ core net income at 2.6 billion euros; 12.7 percent below last year. Adjusted for a divestment gain last year and offsetting measures following the sale of the stake in our Indian JVs, underlying growth is strong at 10 percent. 6M 2026Total business volume at 98.6 billion euros, an internal growth of 4.3 percent1, driven by Property-Casualty and especially Asset Management. Operating profit rises 8.6 percent and reaches a record level of 9.4 billion euros. Shareholders’ core net income advances 15.5 percent to 6.4 billion euros. Adjusted for divestment effec
Pure Lithium Receives Australian Patent for "Lithium Metal Anode and Battery"6.8.2026 22:49:00 CEST | Press release
Pure Lithium Corporation, a vertically integrated next-generation lithium metal battery technology company, today announced that the Australian patent office has granted the company a patent (AU2025271196) titled “Lithium metal anode and battery.” Australia mines roughly half of the world’s lithium, yet has no domestic battery production at all; every battery the country uses is imported. The granted patent is directed to ways in which Pure Lithium’s technology can change that. Rather than trying to catch up in lithium-ion, Australia can leapfrog the incumbent technology and establish a next-generation industry. As worldwide demand for batteries grows, every country capable of making batteries needs to be making them. That is Pure Lithium’s central goal: opening up markets around the world through battery technology that enables local, independent supply chains, keeping pace with demand and strengthening economies. China controls the lithium-ion battery supply chain and manufactures th
Vercel Appoints Amit Agarwal, Standard Template Labs CEO and former Datadog President, to Board of Directors6.8.2026 17:00:00 CEST | Press release
The product leader who helped scale Datadog from early-stage startup through IPO brings deep product expertise to Vercel's board Vercel, the agentic infrastructure company, today announced the appointment of Amit Agarwal, former president of Datadog and founder and CEO of Standard Template Labs, an AI-first service management platform, to its board of directors. Agarwal brings 25 years of enterprise software experience and a track record of scaling a product-led company from its earliest days into one of the defining public software companies of the cloud era. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260806738617/en/ Amit Agarwal Agarwal joined Datadog in 2012 as its Chief Product Officer and was named President in 2022, overseeing product, corporate development, and go-to-market functions as the company grew past $2.5 billion in annual revenue. Across 13 years, including Datadog's 2019 IPO and its first years as a pub
Laserfiche Launches Advanced Enterprise Security to Deliver Multi-Region Disaster Recovery and GovRAMP-Ready Compliance for Highly Regulated Industries6.8.2026 16:00:00 CEST | Press release
New security suite extends Laserfiche’s proven security controls and adds near real-time data replication for governments, law enforcement and security-conscious enterprises. Laserfiche — the leading SaaS provider of intelligent content management — today announced the launch of Enterprise Security, an advanced suite of security enhancements designed for organizations navigating complex regulatory environments. Enterprise Security addresses GovRAMP and CJIS (Criminal Justice Information Services) security requirements based on the NIST SP 800-53 framework. For organizations handling privileged citizen, legal or corporate data, these built-in controls streamline audit preparation and fortify defenses. With organizations placing a higher priority on data stewardship and corporate governance, enterprise IT leaders require a security architecture that protects data without slowing down operations. Laserfiche Enterprise Security extends Laserfiche Cloud’s highly resilient infrastructure wit
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