HANGZHOU AFP): MYbank, a leading online private commercial bank in China with a focus on serving small and micro businesses, on Wednesday (Oct 21) announced a programme to provide RMB400bil (US$60bil) of collateral-free credit to businesses in need as they gear up for this year's 11.11 Global Shopping Festival.
Leveraging Ant Group's technologies, MYbank has pioneered the "310 model" that enables SMEs to apply for collateral-free business loans that take less than three minutes to apply for on a mobile phone, less than one second to approve, and requires zero human intervention
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