Alibaba-backed online lender MYBank opens up tech solutions to other banks

The company is similarly boosting the digital transformation of other banks.

Alibaba-backed online lender MYBank is opening up its AI, computing and risk management capabilities to the country’s other financial institutions, enabling them to provide more cost-effective financing services to the country’s 73 million SMEs. 

MyBank is set up entirely on the cloud and without any physical branches. It leverages on Ant Financial’s AI technology to improve customer service and increase banking efficiency.

For instance, Guilian Bank started working with MYBank in November 2015 to offer collateral-free small business loans to farmers.

“Ant Financial’s digital banking technologies helped us overcome the cost, efficiency, and risk barriers of SME financing, enabling us to service more clients in the rural market. Now, with Ant’s leading risk management capabilities, we are satisfied with the performance of our rural loan portfolio,” according to Neng Wang, Chairman of Guilin Bank.

MYbank pioneered the “310 model” in SME financing - a business loan that takes less than 3 minutes to apply for on one’s mobile phone, less than 1 second to approve, and requires zero human intervention.

In recent months, Ant Financial has been steadily opening up its technological capabilities to financial institutions. Banks including Huaxia Bank, China Everbright Bank, Shanghai Pudong Development Bank, China CITIC Bank, and Bank of Tianjin signed strategic cooperation agreements with Ant Financial to support the banks’ digital transformations last May.