Online lender MYBank (浙江网商银行股份有限公司) plans to team up with a range of Chinese financial institutions to provide as much as 200 billion yuan in funds to Alibaba-based e-vendors during the company’s Double Eleven Shopping Festival on 11 November.
MYBank will work with more than 50 financial institutions, including banks, trusts and brokers, to improve access to funds for e-vendors who make use of Alibaba’s Taobao and Tmall platforms according to domestic media reports.
The online bank commenced operations on 25 June 2015, focusing on the use of internet technology, big data and cloud computing to improve financial inclusion. MYBank claims to be China’s first bank whose core systems are based on the use of cloud computing platforms.
MYBank provided 446.8 billion yuan in loans to 5.71 million small and micro-enterprise customers last year, for an average loan balance of 28,000 yuan.
As of the end of the first half of 2018 the bank’s total assets were 109.6 billion yuan, with the number of small and micro-loan borrowers rising to 8.5 million in total for a 17-fold increase in just three years.
In July 2017 MYBank began to provide targeted funding support to small, medium and micro-enterprises that make use of Alipay’s QR codes.