The founder of Alibaba has planned to conduct a “financial revolution”

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www.vsyako.netJack Maphoto: Sakchai Lalit / AP

Internet Bank MYbank, which belongs to the founder of the Chinese Corporation Alibaba Jack MA, is making a revolution in the market of small business lending in China, according to Bloomberg.

Small businesses, which generate about 60 percent of the country’s economic growth and provide jobs for 80 percent of the working population suffered from more than two years of government repression directed against shady lenders.

According to the National Institute of Finance and development of China, in 2018, about two-thirds of all small enterprises in the country had no access to credit.

It is noted that artificial intelligence and big data are changing the situation. So, MYbank uses data about payments in the real-time risk management system, which analyzes more than 3 million parameters.

This allows the borrowers to apply for loan on phone and almost instantly get the cash if approved. The whole process takes three minutes. Thus MYbank has issued loans 16 millions of private companies for a total amount of 290 billion dollars.

Other lenders in China are also expanding their credit offer for small and medium-sized businesses. According to Bloomberg, this approach will probably help to accelerate China’s economy, which is growing at a fairly slow pace since 1992.

Video, photo All from Russia.

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