MyBank, a leading online private commercial bank and an associate of Ant Group, reported that it served over 45 million small-and-micro enterprise (SME) clients at the end of 2021, representing a nearly 30 percent increase year-on-year, according to its 2021 annual report. Leveraging its mobile app and cloud-based infrastructure, MYbank pioneered the “310 lending model”. Using this innovative model, it takes SME owners just a few clicks on their phones to obtain a collateral-free business loan. The entire application process can be completed within three minutes, approved within one second and requires zero human interaction. The model is making mobile financing more accessible to SME owners, many of whom had never obtained a business loan before. More than 80% of MYbank’s new clients in 2021 were first-time borrowers. The average borrowing period was approximately 3 months, with 70% of interest per loan below RMB100 (approximately US$15). Read the full Business Wire article through the link in the comments. #banking #bankingapp #digitalbanking #onlinebanking #bankingtechnology #bankingservices #bankingindustry #financialtechnology #financialservices #fintech #sme
Link to full article: https://www.businesswire.com/news/home/20220428006381/en/MYbank-Makes-Financing-More-Accessible-for-45-Million-SME-Clients-by-Leveraging-Digital-Technology