MYbank, a digital bank under Ant Financial Services Group, served 20.87 million small and micro businesses (SME) in China as of the end of 2019, an increase of 70% YoY, according to its annual report.
MYbank worked with more than 400 financial partners to provide business loans to those Chinese SMEs as of 2019, and 80% of MYbank loan users had previously never received business loans from banks.
The average outstanding loan size for MYbank users was 31,000 yuan (US$4,436.19) in 2019, an in...
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