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
IKI Advances Promotional Forecast Accuracy by More Than 10 Points With SymphonyAI17.9.2026 08:03:00 EEST | Press release
SymphonyAI, a global leader in Vertical AI, today announced that IKI, one of Lithuania's largest grocery retailers, is implementing SymphonyAI's Promotional Evaluation and Promotional Planning solutions across its network of 250 stores, as part of its strategy to strengthen data-driven promotional planning. IKI continuously evaluates opportunities to strengthen its category management and promotional planning capabilities. As promotional programs become increasingly sophisticated, the retailer has invested in advanced analytics and AI-driven forecasting to support data-driven decision making across its business. In its initial work with SymphonyAI across select categories, IKI has seen promotional forecast accuracy improve by more than 10 percentage points, along with a reduction in stock-outs during promotional periods. "At IKI, we are constantly looking for innovative ways to strengthen our decision-making with better data and technology," said Klavs Berzins, Head of Category Managem
Lattice Expands Secure Control FPGA Leadership with New Lattice Mach-N2 Family17.9.2026 05:00:00 EEST | Press release
Lattice Semiconductor (NASDAQ: LSCC), the low power programmable and platform firmware leader, today announced Lattice Mach™-N2 FPGA family, extending its long-running secure control FPGA leadership with new devices purpose-built for system control and security in modern infrastructure. Built on the Lattice Nexus™ 2 small FPGA platform, Mach-N2 combines integrated flash, a hardware Root of Trust, and CNSA 2.0-compliant post-quantum cryptography (PQC) with crypto agility for trusted, always-on system control and security across next-generation systems. "The demands on system control and security are accelerating as post-quantum mandates take hold, and customers building long-lifecycle infrastructure seek solutions that will help them design with today and tomorrow’s security needs in mind," said Esam Elashmawi, Chief Strategy and Marketing Officer, Lattice Semiconductor. "Mach-N2 represents a significant step forward in logic density and bandwidth while adding the most complete post-qua
Lattice Advances FPGA Design with New Leadership AI-Driven Development Tool, Lattice Prompt17.9.2026 05:00:00 EEST | Press release
Lattice Semiconductor (NASDAQ: LSCC), the low power programmable and platform firmware leader, today introduced a new leadership AI-powered FPGA development tool for small and mid-range FPGAs that redefines how FPGA developers work across the full design flow. Lattice Prompt pairs with AI agentic tools developers already use, combining them with Lattice design tools, knowledge base, and documentation to turn natural language inputs into validated responses, dramatically accelerating FPGA development while optimizing design performance and capability. "Accelerating time-to-market demands and rising design complexity are putting mounting pressure on FPGA developers to do more with every design cycle," said Esam Elashmawi, Chief Strategy and Marketing Officer, Lattice Semiconductor. "Lattice Prompt gives developers AI-assisted access to the full design flow, grounded in Lattice's validated knowledge, so they can focus on what matters most: building differentiated systems." Lattice Prompt:
TOURISE Unveils 2027 Summit Under the Theme “Alliances That Move the World”16.9.2026 23:53:00 EEST | Press release
Under the patronage of His Royal Highness Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, His Excellency Ahmed Al-Khateeb, Minister of Tourism and Chairman of TOURISE, today announced the TOURISE 2027 Summit, taking place in Riyadh from March 23-25, 2027. Building on the inaugural TOURISE Summit in November 2025 and a year of collaboration since, the 2027 edition will run under the theme “Alliances That Move the World.” Over three days, leaders will focus on the partnerships, investments and actions needed to advance the global tourism agenda over the next 50 years. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260916467896/en/ The Summit will convene public and private sector leaders across tourism, technology, investment, sustainability, culture, mobility and government to tackle the sector’s most pressing opportunities and challenges and help shape the next era of global tourism. At the inau
Brightfin Names Dan McNamara Chief Customer Officer16.9.2026 20:13:00 EEST | Press release
Brightfin, the leading platform for total spend intelligence in enterprise IT, today announced that Dan McNamara has joined the company as Chief Customer Officer (CCO). The appointment comes as Brightfin extends its platform into a broader vision of financial truth and operational clarity across the entire enterprise technology stack, and as more IT and finance leaders turn to Brightfin to make sense of fast-growing, fragmented spend across cloud, mobile, and emerging AI tooling. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260916064892/en/ Dan McNamara, CCO of Brightfin McNamara has built his career on meeting increasingly complex customer expectations. Twice, he has joined a customer organization in the middle of rapid growth and left it with a stronger customer base. As Chief Customer Officer at Apryse, he helped grow annual recurring revenue from $40 million to $250 million while the company completed more than 15 acqu
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