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 increase of nearly 20% year on year.
According to the annual report, by the end of 2019, the total assets of MYbank had reached 139.5 billion yuan (US$19.96 bn); the operating revenue had reached 6.628 billion yuan (US$948.49 million), up 5.7% year on year.
Ant Financial's digital bank MYbank's net profit had reached 1.256 billion yuan, up 90.8% year on year.Click To Tweet
There is still a considerable gap between MYbank and Tencent's Webank. The revenues of WeBank in 2018 exceeded 10 bil...
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