Jack Ma's bank going deeper where other lenders fear to tread
MYbank is looking to win over 'as many as possible' of China's 70 million to 80 million small businesses as clients
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Shanghai
MYBANK, the two-year-old Chinese online lender that already has a sizeable base of small-business customers, plans to push deeper into a segment that has long been shunned by the country's largest banks.
MYbank wants to capitalise on its links to billionaire Jack Ma's Alibaba Group Holding Ltd by offering loans to the more than 10 million smaller merchants that use the company's e-commerce platforms, MYbank president Huang Hao said in a June 29 interview. The Hangzhou-based lender is controlled by Ant Financial, Alibaba's financial affiliate.
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