- “Jack Ma’s online bank is leading a quiet revolution in the way China lends to small businesses, taking aim at a credit bottleneck that has held back Asia’s largest economy for decades.
- Using real-time payments data and a risk-management system that analyses more than 3,000 variables, Ma’s four-year-old MYbank has lent 2 trillion yuan (US$290 billion) to nearly 16 million small companies.
- The whole process takes three minutes and involves zero human bankers. The default rate so far: about 1%.
- China is quickly becoming a world leader in the use of big data and artificial-intelligence (AI) technology to make loans, according to Cliff Sheng, co-head of Greater China financial services at Oliver Wyman, a consulting firm.”
