MYbank serves over 20 mln SMEs in China as of 2019: report

HANGZHOU -- MYbank, a leading online private commercial bank under Ant Financial Services Group, served 20.87 million small and micro enterprises (SMEs) in China as of the end of 2019, according to its annual report.

MYbank worked with more than 400 financial partners to provide business loans to Chinese SMEs as of 2019, and 80 percent of MYbank loan users had previously never received business loans from banks, the report said.

The average outstanding loan size for MYbank users was 31,000 yuan (about $4,379) in 2019, an increase of nearly 20 percent year on year, reflecting robust growth among SMEs in China, the report said.

MYbank plans on extending credit lines to 70 percent of small and micro businesses in China in 2020, up from 50 percent in 2019.

"Small and micro businesses constitute an essential pillar of our economy, and we are proud to have supported over 20 million small and micro businesses as of 2019. Our primary goal in 2020 is to continue to enable the sustainable growth of SMEs and empower them to overcome these challenging times and thrive," said Jin Xiaolong, President of MYbank. "This underscores our confidence in the resilience of small enterprises across the country as they resume work and life."