Hangzhou, China, April 30, 2024–(BUSINESS WIRE)–MYbank, China's leading digital bank and an affiliate of Ant Group, today released its 2023 Annual Report, showing that the bank has accumulated more than 53 million We announced that we have been providing services to small and medium-sized enterprises (SMEs). The report also highlights that MYbank has made continuous investments in technology, with 36% of operating expenses allocated to technology and over 64% of its workforce comprised of technology talent. I am.
“MYbank remains committed to supporting the financing needs of SMEs amidst the ongoing economic and technological transformation.As a technology-driven bank, MYbank Through this exploration, we aim to strengthen that capacity and make finance more inclusive for all.” Mr. Feng Liang, president of MYbank.
By leveraging Ant Group's in-house developed Bailing basic model and other new technologies, MYbank enables better-informed lending decisions and reaches a wide range of small and medium-sized business customers without the need for physical branches. makes it easier to obtain financing.
In the area of cross-industry supply chain finance, MYbank's Goose System employs AI-powered knowledge graph capabilities to map SMEs across industry supply chains. Additionally, the system will enhance the bank's ability to assess the financial health and creditworthiness of small and medium-sized enterprises (SMEs) through automated analysis of industry research reports.
In the automotive sector alone, Goose Systems has served more than 1 million small businesses, 64% of whom have obtained unsecured financing for the first time. These loans enabled small businesses to take on more orders, increasing average monthly deliveries by 17%.
MYbank has continuously enhanced its AI-powered conversational risk management solution, Lark System, to optimize credit line management for SMEs. Lark operates as a 24/7 digital customer service manager, automating customer interactions and processing various types of information uploaded by customers. Lark leverages multimodal analysis to accurately assess customer needs and provide customized financing facilities. As of the end of 2023, Lark has served more than 8 million of his small and medium-sized business customers, with an average increase in credit limit of RMB 45,000 per customer.
In the agricultural finance sector, MYbank is expanding the coverage of its Tomtit system. The system uses satellite remote sensing technology to identify crop types and estimate agricultural yields for specific fields marked on a digital map by farmers. The system will enhance banks' ability to more accurately assess potential credit risks, enabling farmers to make informed credit decisions when applying for unsecured loans. By the end of 2023, the Tomtit system will be able to recognize his 15 types of crops, and his 1.69 million producers in his 31 provinces in China will be able to receive online loans through the system.
Through continuous investment in technology, MYbank successfully meets the typically frequent, urgent and short-term financing requirements of SMEs. In 2023, more than 72% of MYbank's newly added 3 million loan recipients received a business loan from the bank for the first time. Moreover, more than 60% of MYbank's SME customers received loans with interest rates below RMB 100, and the average loan amount was RMB 72,000.
About MYbank
MYbank was founded in 2015 with a focus on serving small and medium-sized enterprises and farmers, and is one of the first group of pilot private commercial banks in China. It is also the first bank in China to deploy its entire core banking system on the cloud without having physical branches.
MYbank pioneered the '310 model' of small business finance, offering unsecured business loans that take less than 3 minutes to apply on a mobile phone, less than 1 second to approve, and require no human intervention.
In addition to advanced risk management solutions, MYbank leveraged technologies such as AI and remote sensing to streamline credit services for farmers. This approach eliminates time-consuming processes and paper documents, making digital loans more accessible.
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