China’s Ant-backed MYBank plans to expand reach in rural areas | Reuters

MYBank, the online bank backed by China’s Ant Group, said on Monday it aimed to serve 2,000 rural Chinese counties by 2025, more than doubling the current number of rural districts covered. MYBank also said it had served more than 35 million small and medium-sized enterprises (SMEs) at the end of 2020, a 70% increase year on year.

Hangzhou-based MYBank, which was founded in 2015, said it kept a non-performing loan ratio at 1.52%, compared to the average of 2.99% ratio in China for SME loans as of last June. Reporting by Yingzhi Yang and Tony Munore in Beijing; Editing by Edmund Blair

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