MYbank, an online lender backed by Ant Financial and Fosun, has, in its four years of existence, issued more than RMB 2 trillion (USD 290 billion) worth of loans to its clients.
Simon Hu, Chairman of MYbank, said at the Microfinance Industry Summit in Hangzhou today that the client size of the Hangzhou-based online lender and its predecessor AliFinance has grown tenfold from 1.7 million in 2016 to 17.5 million.
About 80% of MYbank’s clients are first-time borrowers and 99 out of 100 repay their loans on time, according to Hu. MYbank’s non-performing loan ratio for 2018 was 1.3%, lower than the 1.89% national average.
More than half of MYbank’s clients are small and micro enterprises (SMEs) with fewer than five employees. Mom-and-pop shops are the single largest client group. Nearly 90% of MYbank’s clients are from lower-tier cities in China and 45% of MYbank’s loans are under RMB 50,000 (USD 7,000), according to the company.
“We look forward to increasing the inclusivity of financial services for SMEs by sharing our technologies with more financial institution partners,” Hu said.
Update: This article was edited at the request of MYbank. In a previous version, we had stated the total sum of money lent by MYbank over four years to be RMB 3 trillion, which is what MYbank Chairman Simon Hu said today at a conference. MYbank later corrected this figure, saying it added up to RMB 2 trillion instead.