Ant Financial-backed online lender MYBank (网商银行) has become the first financial institution to team up with a new micro-loan body launched in the Xiong’an New District by the Agricultural Development Bank of China (ADBC).
ADBC recently launched the Micro and Small-Enterprise Online Service Administrative Center (小微企业线上服务管理中心) in the Xiong’an New Area, with the goal of “helping more micro and small enterprises resolve their lending difficulties.”
Fintech lender MYBank is the first financial institution that ADBC has brought on board as a cooperative partner according to a report from Shanghai Securities Journal, given the online bank’s track record as a fintech-driven provider of lending services to MSE’s.
MYBank has reportedly provided financial services to 17 million MSE’s and sole proprietors over the past four years, exclusively via online channels and in the complete absence of physical premises.
ADBC hopes to incorporate MYBank’s online lending technologies into the operations of the Micro and Small-Enterprise Online Service Administrative Center in the Xiong’an New Area, chief amongst MYBank’s “310” lending model (three minutes for applications, one second for loans, zero human involvement.”