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ASIAdocument.write(“” + m[today.getMonth()+1]+ ” “+ today.getDate()+”, ” + theYear + ” “);HOMECHINAWORLDBUSINESSLIFESTYLECULTURETRAVELSPORTSOPINIONREGIONALFORUMNEWSPAPERChina Daily PDFChina Daily E-paperChina Daily Global PDFChina Daily Global E-paperBusiness /CompaniesEconomyPolicy WatchChina DataCompaniesMarketsIndustriesViewMotoringTechGreen ChinaChina ExpoAlibaba-backed MYbanks 1.7 million hand-outsBy Meng Jing(chinadaily.com.cn)Updated:2016-06-29 15:34Comments Print Mail Large Medium SmallJack Ma, executive chairman of Alibaba Group, speaks during the opening ceremony of MYbank in Hangzhou, East Chinas Zhejiang province, June 25, 2015. [Photo/VCG]MYbank, the internet-bank backed by e-commerce conglomerate Alibaba Group, said on Wednesday it had offered loans to 1.7 million small and micro businesses during its first year of operation.
According to a statement released by the Hangzhou-based MYbank, it has a balance of loans of 23 billion yuan($3.46 billion) so far.
As one of the first private banks in China, MYbank, which started its operation on June 25 last year, has been focusing on providing financial services to small and micro businesses, young entrepreneurs and those in rural China.MYbank announced last year it would provide a special loan worth 1 billion yuan every year for the next three years to encourage college graduates to innovate and start up their own businesses.In Chinas rural areas, it has provided a service called Wangnongdai, offering small loans to business owners. The service has covered 4,852 villages across Chinas 25 provinces.0Related StoriesMYbank launched app to better serve loan seekersInternet bank MYbank opens in HangzhouAlibaba broadens SME loansGrowth of SME loans outpaces credit to large firmsPhotoTop 10 Chinese universities with generous online shoppersThe most beautiful bookstore in ShanghaiSailing into future: Tianjin Binhai New AreaTop 10 Chinas most valuable brands in 2016What they said during Summer Davos ForumVisitors try at exploration zone on Summer Davos Forum in Chinas TianjinChina Economy By NumbersChina Economy by Numbers – Dec China Economy by Numbers – Nov NewsmakerChinese buyers circle soccer super agent Stellar Group UK-born businessman heads revolution in Chinas canteensMost ViewedTodays Top NewsAlibaba-backed MYbanks 1.7 million hand-outsReal estate bubble bursting a big risk: CASSChinas aviation development experience needs to be shared by other countries: head of ICAOChinas rail freight decline narrows Jan-MayIPO market cools in first half, pick-up possible: ReportChinas Inno Way lures startups with easy moneyChinas listed banks cut payouts to shareholdersNubia launches flagship frameless smartphoneHot TopicsFiat SpA Peugeot SA Taxi app Internet finance Housing price Disneyland 12306.cn WeChatEditors PicksTop 10 saving countries in the world Top 5 smart home applications attracting Chinese consumers Top 10 least affordable provincial-level regions in China Top 10 FDI sources for Chinese mainland in Jan-April Specials2016 Summer DavosWorld Robot Conference 2015Made in China – fight against counterfeit goods…| About China Daily | Advertise on Site | Contact Us | Job Offer | Expat Employment |Copyright 1995 -var oTime = new Date();
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