MYbank Utilizes Artificial Intelligence to Provide Financing for 53 Million Small and Medium Enterprises

MYbank, a leading digital bank in China and a subsidiary of Ant Group, has leveraged AI technology to provide financing for over 53 million small and medium-sized enterprises (SMEs). In their recently released Annual Report for the year 2023, MYbank highlighted their commitment to investing in technology, with a significant portion of their operating expenses dedicated to technological advancements.

Using Ant Group’s proprietary Bailing foundational model and cutting-edge AI technologies, MYbank has revolutionized the way lending decisions are made, offering improved access to finance for their extensive network of SME customers without the need for physical branches. One of their key innovations is the Lark System, an AI-driven conversational risk management solution that automates customer interactions and processes customer-uploaded information to provide customized credit lines.

Additionally, MYbank’s Goose System utilizes AI to map SMEs across various industry supply chains, enhancing the bank’s ability to evaluate business conditions and creditworthiness. The Tomtit System, on the other hand, uses satellite remote sensing to assess crop types and agricultural output, allowing for better credit decisions in agriculture finance.

President Feng Liang emphasized MYbank’s dedication to supporting SMEs amidst economic and technological transformations, with a focus on making finance more inclusive through continuous exploration of AI and emerging technologies. The bank’s ‘310 model’ offers zero-collateral business loans to SMEs, with a seamless application process that can be completed in minutes through a mobile phone.

MYbank’s innovative approach to leveraging AI technology for financing has not only streamlined the lending process for SMEs but has also contributed to the growth and success of over 1 million small and micro-sized enterprises. With a strong focus on technology and inclusivity, MYbank is paving the way for a more efficient and accessible financial landscape for SMEs in China.