KUALA LUMPUR, June 24 (Bernama) -- MYbank, China’s leading online private commercial bank focusing on SME financing, is working with its financial institution partners to serve over 15 million small and micro enterprises (SMEs).
MYbank’s Star Plan announced last year it aimed to enable 1,000 financial institution partners to provide more cost-effective financing services to 30 million SMEs in China within a three-year period.
“As the Star Plan progresses, we look forward to increasing the inclusivity of financial services for SMEs by sharing our technologies with more financial institution partners,” said MYbank chairman, Simon HU.
As of this month, the company has leveraged Alipay’s AI, computing and risk management technologies and worked with over 400 financial partners to provide business loans of over RMB 2 trillion (USD 290 billion) to a total of 15.74 million SMEs in China.
MYbank pioneered the ‘310 model’ for SME financing which offers a collateral-free business loan that takes less than three minutes to apply on a mobile phone, less than one second to approve, and requires zero human intervention.
Using proprietary AI and risk management technologies, the non-performing loan ratio for MYbank’s SME business loans has consistently been at around one per cent.