Jack Ma is associated with one of the leading economies of
the world.The risk management system employed by Jack Ma’s banking endeavors analyses
over 3,000.
Per sources his company has lent around $290 billion to over
15 million small companies where the borrowing party could receive the cash
almost immediately, with just a few taps.
The entire process requires no human forces and gets completed
in around 3 minutes with a default rate of around 1%.
Earlier the small borrowers were rejected but thanks to
MYbank and its associates the new form of payments is coming in real handy.
With the slow pace of China’s economy it gets imperative to
keep a check on the risks and defaults.
Around two-third of the country’s small businesses couldn’t
access loans, according to National Institution for Finance & Development.
But thanks to Jack Ma’s initiatives the lending and
borrowing procedures of China are now seeing monumental growth.
Mybank’s lending app has created a real difference. By allowing
the bank to access the store transaction data, some small loans have been
covered.
