Fintech Ant Group Affiliate MYbank Is Planning to Develop Operations in China to Serve Extra Rural SMEs

China-based MYbank, an internet non-public business financial institution and an affiliate of the Ant Group with a particular concentrate on working with rural areas and SMEs, has revealed that it will likely be doubling the variety of rural counties it serves within the coming years.

MYbank and its enterprise companions plan to offer monetary providers in 2,000 rural counties in China throughout the subsequent 4 years (by 2025). This could coincide with the financial institution’s 10th 12 months since its launch. The initiative will be certain that rural shoppers are capable of entry the identical fashionable monetary providers which might be supplied in a few of China’s largest cities. The initiative also needs to assist with addressing the last-mile drawback within the rural finance sector.

This newest announcement from MYbank has come together with the discharge of the agency’s 2020 annual report, which reveals that MYbank had been serving 70% extra (year-on-year) SMEs in 2020 when in comparison with 2019. This rise in exercise has primarily been pushed by MYbank’s enlargement into rural areas.

Since launching operations 6 years again, MYbank has managed to serve shoppers in over 750 totally different counties throughout China.

Xiaolong Jin, President of MYbank, said:

“Now we have continued to report outstanding development in buyer base for 5 consecutive years. We count on rural finance to play a major function in advancing monetary inclusion, and can additional our efforts to make rural finance extra accessible with our monetary establishment companions.”

MYbank has reportedly stored its non-performing mortgage ratio at round 1.52%, which is rather a lot decrease than the two.99% common for Chinese language SME loans (as of June of final 12 months).

MYbank had teamed up with the All-China Federation of Trade and Commerce and the China Banking Affiliation (in March 2020) in an effort to introduce a “Contactless Loans” initiative, by which 118 Chinese language banking establishments had come collectively to offer supportive loans for small and medium-sized companies as they tried to take care of operations.

The initiatve reportedly supplied greater than RMB 870 billion value of loans to many various SMEs in sectors that had been negatively impacted by the COVID-19 outbreak (together with native eating and stores).

Throughout the 6 months for the reason that marketing campaign started, MYbank and its accomplice banks have waived RMB 665 million in curiosity funds for Chinese language SMEs.