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Tie-up to help small businesses
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ANT Financial’s online lending affiliate MYBank said it aims to connect with 1,000 financial service providers to cover as many as 30 million small and micro businesses.
“We’ll be combining Ant Financial’s technologies with small loan firms and a wide range of financial institutions to extend our reach to more under-banked small and micro business owners to boost economic development through empowering the grass-root level,” said MYBank president Huang Hao.
MYBank has been extending its services from online vendors to more offline brick-and-mortar small business owners who have little access to financial support due to their lack of credit history and collateral.
The online lender, in which Ant Financial holds a 30 percent stake, hopes to share its technological capabilities to help smaller financial institutions with risk management and to enhance operation efficiency.
MYBank is now working with 100 to 150 partners including financial institutions, micro-lending firms, information technology and data service providers.
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