Review of MyBank

What exactly is MyBank?

Alibaba Group introduces MyBank, a new electronic banking service for SMEs in China. A 100% online financial solution whose operation is pioneering in the Asian country.

The Chinese government has welcomed the project since the modernization of the banking sector in its country was a necessity. There are more and more Chinese consumers who use the online channel in their purchases, making online financial services the expected evolution in the country. MyBank was one of the first private banks to be licensed by the China Banking Regulatory Commission last year.

China's state banks have generally focused on the country's state-owned companies and other large companies. MyBank, then, focuses on the segment of small and medium businesses, and small rural producers.

Although the bank will need additional regulatory approval before account creation and deposit acceptance can begin, its initial strategy will be to focus on issuing small loans to small and medium businesses.

MyBank will use Big Data to develop and adapt financial services for SMEs and individuals.

For further information, please log on to https://mybank.cn/