MYbank set to tap 10m SMEs within 5 years
Print Edition
ALIBABA-BACKED Internet bank MYbank said it will leverage its data and technology capabilities to offer services to up to 10 million small and medium enterprises within five years.
Peng Lei, chief executive officer of Zhejiang Ant Small and Micro Financial Services Group, the biggest shareholder of Mybank with 30 percent, said the bank aims to build an ecosystem that will allow external partners to tap its experience and data-analyzing ability.
“We pay more attention to the number of our small enterprise customers rather than the size of our assets and profit margin,” Peng said at the opening ceremony of MYbank in Hangzhou yesterday.
Yu Shengfa, chairman of MYbank, said the bank will focus on rural banking services and seek partners in the rural areas to extend financial services to rural residents.
“Our profit will come from individualized services for small business owners and self-employed entrepreneurs instead of relying on interest rate margins,” Yu said. “Internet technology is essential to our future success.”
MYbank, which has no physical outlet, will first launch a personal loan product, Yu said, adding that small loans related to online shopping will have huge growth in the future. Rival Tencent-backed Internet bank WeBank launched its first personal loan product in May.
MYbank, mainly funded by Zhejiang Ant Small and Micro Financial Services owned by Alibaba Chairman Jack Ma and his colleagues, has a registered capital of 4 billion yuan (US$644 million).
Other shareholders include Shanghai-based conglomerate Fosun Group, and the country’s largest auto parts supplier Wanxiang Group.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
