MYBANK
MYbank, a leading online private commercial bank and associate of Ant Group, today reported it has served over 20 million clients in rural areas across China as of June 2021, representing a 44.2% year-on-year increase driven by digital credit solutions for rural areas. Since its founding six years ago, MYbank has served more than 40 million SMEs and rural clients.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210623005998/en/
In the past year, 84% of MYbank’s new rural clients had previously been unable to obtain a business loan, due either to a lack of credit history or collateral. MYbank has provided access to credit for such clients by leveraging technologies such as AI-powered risk management, cloud computing, and remote sensing. For example, by adopting remote sensing solutions on farmland, the bank can assess credit risk and extend credit lines to farmers using criteria such as crop growth and variety. Such techniques enable more accurate risk assessment, which not only helps clients in rural areas obtain loans, but also reduces the risk of excessive lending, keeping MYbank’s non-performing loan ratio at around 1.5%, well below the industry average.
“Our experience supporting rural finance in the past few years has demonstrated that digital technology can play a powerful role in scaling up rural financial services and maintaining commercial sustainability,” said Xiaolong Jin, President of MYbank. "In the future, we hope every mobile phone in rural China can become a virtual bank branch, making financial services more accessible to those living in rural communities."
In June 2020, MYbank unveiled its plan to make financial services more accessible for rural clients and for SMEs via supply chain finance in China. The bank aims to bring inclusive financial services to 2,000 rural counties by 2025. As of June 2021, MYbank has served clients in over 800 counties in China. Beginning June 2021, MYbank is offering business loans with an interest-free period of two months in 100 of those counties for clients in a range of industries, including farming and e-commerce. All of MYbank’s loans can be applied for on a mobile phone, with the entire process from application to disbursement taking less than three minutes.
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 so that they no longer need to go through lengthy processes or file paper documents to obtain loans.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210623005998/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
Andersen Consulting udvider sit udbud med LBC12.12.2025 11:09:00 CET | Pressemeddelelse
Andersen Consulting styrker sine kompetencer gennem en samarbejdsaftale med LBC, en Portugal-baseret international virksomhed kendt for sin integrerede tilgang til forretningsoptimering, digital transformation og udvikling af menneskelig kapital, der kombinerer kreativitet og menneskelig etik med ai med henblik på at accelerere værdiskabelse. LBC blev stiftet i 2001 og bistår internationale organisationer, offentlige instanser og virksomheder inden for adskillige brancher, herunder finans, energi, TMT, transport og den offentlige sektor. LBC betjener kunder i Afrika, Nord- og Sydamerika samt Europa og leverer ydelser inden for management consulting, digital transformation, kapacitetsopbygning og ai-implementering. Virksomheden er kendt for en kultur præget af innovativ transformation med fokus på vedvarende resultater og hjælper kunder med at navigere i komplekse forandringer med målbar effekt. Nylige investeringer i enterprise AI styrker virksomhedens kompetencer inden for UX/UI, auto
INNIO to Supply Technology for a Landmark Project in Texas, Reinforcing Grid Stability12.12.2025 09:59:00 CET | Press release
INNIO Group, a leading energy solution and service provider, is collaborating with the U.S. power utility Greenville Electric Utility System (GEUS) on a landmark 104-megawatt (MW) power plant. The new plant is designed to help reinforce grid stability, cover peak loads, and enable greater integration of renewable energy. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20251211712708/en/ Jenbacher J920 FleXtra “This project is a milestone for Texas and for INNIO. With fast-start capability, flexibility, and sustainability, we are creating the energy infrastructure that modern grids need: reliable, growth-promoting, and supporting the expansion of renewables,” said Dr. Olaf Berlien, President and CEO of INNIO Group. Groundbreaking for the plant’s construction took place in early December, with commissioning scheduled for summer 2027. The groundbreaking marks the beginning of the largest installation to date of Jenbacher J920 FleX
Kioxia Develops Core Technology that Will Allow the Practical Implementation of High-density, Low-power 3D DRAM12.12.2025 06:24:00 CET | Press release
Showcase the technology of highly stackable oxide-semiconductor channel transistors Kioxia Corporation, a world leader in memory solutions, today announced the development of highly stackable oxide-semiconductor channel transistors that will enable the practical implementation of high-density, low-power 3D DRAM. This technology was presented at the IEEE International Electron Devices Meeting (IEDM) held in San Francisco, USA, on December 10, and has the potential to reduce power consumption across a wide range of applications, including AI servers and IoT components. In the era of AI, there is growing demand for DRAM with larger capacity and lower power consumption that can process large amounts of data. Traditional DRAM technology is reaching the physical limits of memory cell size scaling, prompting research into the 3D stacking of memory cells to provide additional capacity. The use of single-crystal silicon as the channel material for transistors in stacked memory cells, as is the
Andersen Global styrker sine juridiske kapaciteter med tilføjelsen af brasiliansk medlemsfirma11.12.2025 18:49:00 CET | Pressemeddelelse
Andersen Global udbygger sin juridiske platform i Brasilien, da Lotti e Araújo bliver et medlemsfirma, hvilket styrker organisationens kapacitet i Latinamerika. Lotti e Araújo blev stiftet for over 20 år siden og tilbyder omfattende juridisk rådgivning til brasilianske og multinationale klienter inden for en lang række brancher. Dets tværfaglige praksis omfatter selskabsret, skatteret, arbejdsret, retssager, inkasso og inddrivelse af gæld – samt specialiseret arbejde med at identificere skjulte aktiver og inddrive anke- og retsindskud i ældre sager. Firmaet håndterer også voldgift, forvaltningsret, udenlandske investeringer, fast ejendom, intellektuel ejendomsret, databeskyttelse og virksomhedsomstrukturering og tilbyder juridisk assistance inden for selskabsdannelse og repræsentation over for tilsynsmyndigheder. Teamet rådgiver klienter om forebyggende juridiske strategier og komplekse tvister for administrative organer og domstole i Brasilien. "Hos Lotti e Araújo bygger vores praksis
BEYOND Developments Reveals a New Vision for Purposeful Living on Dubai Islands with SIORA11.12.2025 18:02:00 CET | Press release
A 2M sqft masterplan inspired by Japanese garden principles, crafted around balance, clarity, and the quiet rhythm of coastal life BEYOND Developments, the bold and design-led real estate developer shaping next-generation waterfront destinations in the UAE, today unveiled SIORA, its first beachfront masterplan on Dubai Islands and the company’s second large-scale community within a year. The launch underscores BEYOND’s accelerated growth and strong alignment with Dubai’s future urban vision. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20251211014389/en/ BEYOND Developments - SIORA Masterplan at sunset - Dubai Islands (Photo: AETOSWire) Spanning over 2M square feet, SIORA is conceived as a coastal sanctuary inspired by Japanese garden philosophies, including the pursuit of Ikigai, the Japanese concept of finding purpose and fulfilment in everyday life. In this context, it reflects a philosophy of creating spaces that bring c
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