Alibaba-backed online lender Mybank announced on Tuesday a five-year plan to expand its loan services to more small and micro enterprises.
Why it matters: Micro and small businesses—among the hardest hit during the Covid-19 lockdown—play a central role in China’s economy.
Details: Mybank, an online private commercial bank under Alibaba’s fintech affiliate Ant Group, said in a statement that it plans to support 10 million micro and small enterprises over the next five years. It will leverage supply chain finance and expand rural lending efforts as part of the plan.
Context: Established in June, 2015, Mybank, officially known as Zhejiang E-Commerce Bank Co. Ltd., is an internet-only lender majority-owned by Alibaba.