MYbank Aims to Bring Inclusive Financial Services to 2,000 Rural Counties By 2025
30.4.2021 11:40:00 EEST | 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 total number of SMEs served by MYbank has grown rapidly for five consecutive years with NPL kept at low levels (Photo: Business Wire)
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
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210430005190/en/
Contact information
Media Inquiries
Sarah Dai
sarah.dai@antgroup.com
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
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
Dompé Doses First Patient in Phase 3 Study of Cenegermin-bkbj in NAION14.7.2026 15:00:00 EEST | Press release
Dompé, a biopharmaceutical company with operations in Italy and the US, announced the first patient has been enrolled in a Phase 3 study of cenegermin-bkbj for the treatment of non-arteritic anterior ischemic neuropathy (NAION). Involving more than 130 centers globally, the Phase 3 trial, “Galassia-NAION-301” is a multicenter, double-blind study comparing cenegermin-bkbj against placebo in improving vision loss caused by NAION. “Our NGF R&D program continues to accelerate with our third clinical study of 2026,” said Marcello Allegretti, Chief Scientific Officer at Dompé. “Dosing the first patient in our NAION trial marks a critical step in our mission to unlock the full potential of NGF. By advancing our proprietary intranasal NGF in clinical investigation, we are taking a bold, non-invasive approach that bypasses the blood-brain barrier and has the potential to redefine the standard of care.” NAION refers to a loss of blood flow to the optic nerve which causes rapid vision loss that u
Esri to Debut the Power of Where Collection at 2026 Esri User Conference14.7.2026 15:00:00 EEST | Press release
Esri, the global leader in location intelligence, will debut the Power of Where Collection at the 2026 Esri User Conference in July. The collection builds on the ideas introduced in The Power of Where: A Geographic Approach to the World's Greatest Challenges, by Esri president Jack Dangermond, published in 2024. The new collection expands these foundational concepts into focused, real-world applications that demonstrate the growing impact of geographic information system (GIS) technology. The first two other books starting the collection are Geowater: A Geographic Approach to Water Data and Forecasting and Parcels: How Property Shapes Geography. Together, these titles illustrate how spatial thinking and GIS are transforming how organizations understand systems, manage resources, and plan for the future. The Power of Where Collection reflects Esri’s ongoing commitment to helping organizations make smarter, more informed decisions across industries—on topics ranging from water sustainabi
Esri Helps Bring Up-to-Date Road Closure Information to Google Maps and Waze14.7.2026 15:00:00 EEST | Press release
Esri has expanded its Community Maps Program, enabling road closure data to be shared with Google Maps and Waze. The Road Closures solution, in Esri's ArcGIS platform, was introduced last year as a way for users to easily share road closure updates directly with popular consumer mapping providers so they can update their maps with this important information. The solution aimed to bridge the gap between government agencies managing timely road updates and the public, who rely on mapping apps for real-time navigation. Over 100 communities around the United States and other countries are actively sharing their road closure information. ArcGIS users can now easily share that same authoritative data with Google Maps and Waze via the Waze for Cities program. "For over a year, we've been working with dozens of our local government users to share their road closure information with our initial consumer mapping partners, Apple Maps and TomTom," said Deane Kensok, chief technology officer for Ar
CE-IVDR Mark for Hologic’s Aptima ® HPV Test Expanded to Include Self-Collected Sample Claim in Cervical Cancer Screening14.7.2026 15:00:00 EEST | Press release
Hologic, Inc. announced today that its Aptima® HPV Assay received an expanded CE-IVDR marking in the European Union and the UK and is now approved for self-collected vaginal samples using the Aptima Multitest Specimen Collection Kit. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260714358586/en/ Hologic’s Aptima® HPV Assay and Aptima Multitest Specimen Collection Kit Cervical cancer is the fourth most common cancer in women but is largely preventable through HPV vaccination and regular screening.1 Evidence shows that organized screening and early detection reduces deaths from cervical cancer, with mortality reduction rates in Europe ranging from 41% to 92%.2 However, even in countries with an established cervical screening program, screening participation rates vary widely, from 25% to 80%, with some showing stagnation or decline in recent years.3 “Despite the benefits of cervical cancer screening, there are still barriers
ExaGrid Recognized in the Prestigious 2026 MES Midmarket 100 List14.7.2026 15:00:00 EEST | Press release
ExaGrid®, the industry’s only Tiered Backup Storage solution with AI-Powered Retention Time-Lock (RTL) that includes a non-network-facing tier (creating a tiered air gap), delayed deletes and immutability for ransomware recovery, announced today that MES Computing, a brand of The Channel Company, has highlighted ExaGrid in its 2026 MES Midmarket 100 list. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260714261987/en/ The annual MES Midmarket 100 recognizes technology vendors with deep knowledge of the unique IT needs of midmarket organizations. These vendors are committed to delivering future-focused products and services that support growth, innovation, and success for their midsize customers. MES Computing defines midmarket organizations as those with an annual revenue of $50 million to $2 billion and/or 100 to 2,500 total supported users/seats. Vendors were selected for the MES Midmarket 100 for their go-to-market strate
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