Leveraging AI, MYbank Enables Financing Services for 53 Million SMEs
April 30 2024 - 9:41AM
Business Wire
MYbank, a leading digital bank in China and an associate of Ant
Group, today released its 2023 Annual Report, which announces that
the bank has cumulatively served over 53 million small and
micro-sized enterprises (SMEs) as of the end of 2023. The report
also highlights MYbank’s continued investment in technology, with
36% of its operating expenses allocated to tech and over 64% of its
workforce comprising of tech talents.
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MYbank makes financing more accessible
for 53 million SMEs (Graphic: Business Wire)
“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.
Leveraging Ant Group’s self-developed Bailing foundational model
and other new technologies, MYbank enables better-informed lending
decisions, making financing more accessible to its extensive base
of SME clients, all without the need for physical branches.
In the field of supply chain finance across industries, MYbank's
Goose System employs AI-powered knowledge graph capabilities to map
out SMEs across entire industry supply chains. Furthermore, the
system enhances the bank's ability to assess SMEs' business status
and creditworthiness through automated analysis of industry
research reports.
In the automobile sector alone, the Goose System has served over
1 million SMEs, 64% of which obtained collateral-free loans for the
first time. These loans enabled SMEs to undertake more orders,
leading to an average monthly delivery volume increase of 17%.
MYbank has continuously enhanced its AI-powered conversational
risk control 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 customer-uploaded information. Leveraging
multimodal analysis, Lark accurately assesses customer needs and
delivers tailored credit lines. As of 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 has been expanding the coverage
of its Tomtit System, which utilizes satellite remote sensing
technology to identify crop types and estimate the agricultural
output of specific farmlands that growers marked on a digital map.
This system enhances the bank's ability to assess potential credit
risks more accurately, empowering it to make informed credit
decisions when farmers apply for collateral-free loans. By the end
of 2023, the Tomtit System can recognize 15 types of crops, and
1.69 million growers across China’s 31 provinces have received
online loans through the system.
Through continuous investment in technology, MYbank successfully
meets the typically frequent, urgent, and short-term funding
requirements of SMEs. In 2023, over 72% of MYbank’s 3 million newly
added loan recipients obtained businesses loans from a bank 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.
About MYbank
Founded in 2015 with a focus on serving SMEs and farmers, MYbank
was among the first group of pilot private commercial banks in
China. It was also the first bank in China to deploy its core
banking system entirely on the cloud without any physical
branches.
MYbank pioneered the “310 model” for SME financing, which offers
a collateral-free business loan that takes less than three minutes
to apply on a mobile phone, less than one second to approve and
requires zero human interaction.
In addition to advanced risk-management solutions, MYbank has
harnessed technologies such as AI and remote sensing to streamline
credit services for farmers. This approach eliminates the need for
lengthy processes or paper documentation, making digital loans more
accessible to them.
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Media Inquiries Yinan Duan
duanyinan.dyn@antgroup.com