MYbank, a leading online private commercial bank in China with a focus on serving small and micro businesses, today announced a program to provide RMB 400 billion of collateral-free credit to businesses in need as they gear up for this year’s 11.11 Global Shopping Festival.
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Leveraging Ant Group’s technologies, MYbank has pioneered the “310 model” that enables SMEs to apply for collateral-free business loans that take less than three minutes to apply for on a mobile phone, less than one second to approve, and requires zero human intervention. (Photo: Business Wire)
As part of the dedicated program, MYbank is offering a total of RMB 200 billion in short-term loans to help small and micro business owners overcome the economic impact of the COVID-19 pandemic. This enables business owners, particularly smaller vendors with more immediate capital needs, to receive payments