MYbank, a leading digital bank in China and an associate of Ant Group, announced in its 2023 Annual Report that it has served over 53 million small and micro-sized enterprises (SMEs) by the end of 2023. The report highlights MYbank's commitment to technology, with 36% of its operating expenses allocated to tech and over 64% of its workforce consisting of tech talent.
The five maturity levels of SME Banking: A journey from digital transformation to disruption
"MYbank remains committed to supporting SMEs’ funding needs amidst ongoing economic and technological transformations. As a technology-driven bank, MYbank will enhance its capabilities through continuous exploration of AI and other emerging technologies, aiming to make finance more inclusive for all,” said MYbank President Feng Liang.
MYbank utilizes Ant Group’s Bailing foundational model and other advanced technologies to improve financing accessibility for SMEs without the need for physical branches. The bank's AI-powered Goose System is key in supply chain finance, mapping SMEs across industry supply chains and assessing their business status and creditworthiness.
In the automobile sector, the Goose System has served over 1 million SMEs, with 64% receiving collateral-free loans for the first time. These loans have enabled SMEs to increase their monthly delivery volumes by an average of 17%.
The Lark System, MYbank’s AI-powered conversational risk control solution, optimizes credit line management for SMEs. Acting as a 24/7 digital customer service manager, Lark automates interactions and processes customer information, providing tailored credit lines. By the end of 2023, Lark had served over 8 million SME clients, with an average credit limit increase of RMB 45,000 per customer.
In agricultural finance, MYbank's Tomtit System uses satellite remote sensing to identify crop types and estimate agricultural output. This enhances the bank’s ability to assess credit risks and make informed lending decisions. By the end of 2023, the Tomtit System recognized 15 types of crops, and 1.69 million growers across China’s 31 provinces had received online loans through the system.
MYbank's investment in technology has enabled it to meet the frequent, urgent, and short-term funding needs of SMEs. In 2023, over 72% of MYbank’s 3 million new loan recipients obtained business loans for the first time. Additionally, more than 60% of MYbank’s SME clients received loans with interest below 100 RMB, with the average loan size being 72,000 RMB.
