Ant Group-backed digital lender MYBank has launched a new supply chain finance solution which has already attracted the participation of some of China’s leading banks.
MYBank officially launched its “Da Yan System” (大雁系统) (Wild Goose System) on 14 October, which is has billed as a “digital technology supply chain finance plan.”
“In 2020, MYBank set a five year goal of using digital supply chain finance methods to service 10 million micro and small-enterprises,” said MYBank president Feng Liang (冯亮). “The launch of Da Yan system this year will become key to achieving this goal.”
MYBank said Da Yan is a “digitised product matrix” that is based upon the relationships between core enterprises and upstream and downstream micro and small-enterprises (MSE’s). It caters to the loan demand and integrated fund management needs of MSE’s across areas including supply payments, procurement orders, shop goods collection, franchising and salary payments.
Over 500 brands in China have already signed up with Da Yan System, including Haier, Huawei, Mengniu and Want Want.
MYBank said that the average business loan access rate of the downstream distribution and end store brands that cooperate with MYBank is as high as 80%.
