English

By Fei Xie

MY Bank released its annual report for 2017 lately. The report shows that the bank's yearly turnover rose sharply, which reached RMB 42 billion, increasing by 62.12 percent on a year-on-year basis.

The bank's net profits achieved RMB 404 million, a rise of up to 27.85 percent from the previous year.

MY Bank is a leading online private commercial bank in China launched by Alibaba and its affiliate firm Ant Financial with a promise to provide services for "the little guys" instead of the rich. The bank has no physical branches but is open 24/7, and all its services are based on digital operations. It is aimed at those who struggle to fit into the existing banking system like the small and medium-sized enterprises (-SMEs), and to provide affordable loans and convenient banking services to small and micro businesses, and those in rural areas who have issues accessing branches and banks in person.

According to MY Bank's 2017 annual report, the bank itself had given RMB 446 billion in microcredits to small and micro businesses, and there were more than RMB 26 billion granted to rural clients of its total loans. MY Bank has cumulatively served more than 5 million small and micro businesses over the past three years. The latest figures indicate that the bank had already provided services to more than 8 million small businesses' operators.

Besides, the report also shows that the bank had already served more than 750 thousand farmer clients, and provided more than RMB 3.9 billion in agricultural loans, which accounted for 11 percent of the total outstanding balance.

Hao Huang, the director of MY Bank said that the bank's mission is to answer the needs of those who have limited access to financial services in China. Although, last year's capital market cost had increased by 1 percent, the average interest rate of microloans provided by MY Banks had decreased by 1 percent.

For the future of its development, Eric Jing, the chairman of MY Bank, executive chairman, and CEO of Ant Financial said that MY Bank aims to enable 1,000 financial institutions to provide more cost-effective financing services to 30 million SMEs and farmers in China in 2018.

To achieve this goal, the bank has already announced the launch of its Star Plan to open up its proven AI, computing and risk management capabilities to financial institutions in China.