Private banks use high-tech to offer cost-effective services

Private banks in China are increasingly using cutting-edge technology and expertise to offer cost-effective services to micro and small enterprises.

MYBank, the online lending offshoot of Ant Financial Services Group, wants all Chinese mom-and-pop shops to be able to apply for and receive loans in one second within the next three years, as it continues to leverage artificial intelligence, computing and risk management to increase efficiency and reduce costs.

The number of micro and small enterprises served by MYBank has jumped 10-fold in the past three years to some 17 million, Hu Xiaoming, the newly appointed chairman of the bank, said during a conference last month celebrating the bank's fourth anniversary.