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Fintech Ant Group Affiliate MYbank Is Planning to Expand Operations in China to Serve More Rural SMEs
China-based
MYbank, an online private commercial bank and an affiliate of the Ant Group with a special focus on working with rural areas and SMEs, has revealed that it will be doubling the number of rural counties it serves in the coming years.
MYbank and its business partners plan to provide financial services in 2,000 rural counties in China within the next four years (by 2025). This should coincide with the bank’s 10th year since its launch. The initiative will ensure that rural clients are able to access the same modern financial services that are offered in some of China’s largest cities. The initiative should also help with addressing the last-mile problem in the rural finance sector.
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BEIJING MYBank, the online bank backed by China’s Ant Group, said on Friday it aimed to serve 2,000 rural Chinese counties by 2025, more than doubling the current number of rural districts covered. MYBank also said it had served more than 35 million small and medium-sized enterprises (SMEs) at the end of 2020, a 70% increase year on year.
Hangzhou-based MYBank, which was founded in 2015, said it kept a non-performing loan ratio at 1.52%, compared to the average of 2.99% ratio in China for SME loans as of last June.
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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.
UPDATE 1-China s Ant-backed MYBank plans to expand rural reach Reuters 4/30/2021
(Adds executive s quote)
BEIJING, April 30 (Reuters) - MYBank, the online bank backed by China s Ant Group, said on Friday it aimed to serve 2,000 rural Chinese counties by 2025, more than doubling the current number of rural districts covered. MYBank also said it had served more than 35 million small and medium-sized enterprises (SMEs) at the end of 2020, a 70% increase year on year.
Hangzhou-based MYBank, which was founded in 2015, said it kept a non-performing loan ratio at 1.52%, compared to the average of 2.99% ratio in China for SME loans as of last June.
“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, said Xiaolong Jin, president of MYbank in a statement.