Ant Financial’s MYbank to serve over 15 million SMEs

Simon HU, Chairman of MYbank

Chinese SME-focused online private commercial bank, MYbank, has announced that its Star Plan has expanded the bank’s reach to over 15 million SMEs. Star Plan was introduced in June of 2018 with an aim to offer cost-effective financing services to 30 million SMEs in China.

MYbank utilizes Alipay’s AI, computing and risk management technologies for providing its financial partners with business loans of over 2 trillion RMB. MYbank has developed the “310 model” for SME financing which offers collateral free quick business loans.

“After MYbank had been operational for a year in 2016, we were serving 1.7 million SMEs,” said Simon HU, Chairman of MYbank. “Today we serve over 15 million SMEs by combining our strength in risk management technologies with the capital support of our financial institution partners. 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.”

Established in 2015, MYbank, a brand under the Ant Financial Services Group,  is the first bank in China to establish its core banking system entirely on the cloud without any physical branches. It aims to reduce the risk of excessive lending through an appropriate line of credit for the SMEs.

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