Chinese neobank MYbank aims to be active in 2,000 rural counties by 2025
The bank said that it has served over 35.07 million SMEs in 2020.
MYbank, an Chinese online private commercial bank and associate of Ant Group, has outlined plans to double the number of rural counties it serves by its 10th anniversary in 2025.
The bank is currently active in more than 750 counties in China since first being founded six years ago.
In its 2020 annual report, MYbank said that the total number of small and medium enterprises (SMEs) it served by year’s end jumped to 35.07 million in 2020,
“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,” notes said Xiaolong Jin, president of MYbank.
MYbank also shared that it managed to keep its non-performing loan ratio at 1.52%, far lower than the 2.99% average for SME loans in China as of June 2020. This is thanks to its application of risk management technologies, the bank said.
Formed in 2015 with a focus on serving SMEs and farmers, MYbank was amongst the first batch of pilot private commercial banks in China, and claims to be the first local bank to establish its core banking system entirely on the cloud without any physical branches.
MYbank notedly features 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.