The World Bank released the world Development Report 2022, and myBank was selected as a benchmark case to help small and micro fight the epidemic
On the evening of February 15, the World Bank released the world Development Report 2022. The case of e-commerce bank helping small and micro businesses recover from COVID-19 through digital finance was included in the report, which is the only case of A Chinese company this year.The World Development Report (WDR) is considered to be one of the most authoritative reports on global economic development issues. It has been published annually by the World Bank for more than 40 years since 1978.This year’s report, under the theme “Finance for an equitable Recovery”, points out that in developing countries, the risk of financial vulnerability caused by the COVID-19 crisis and opaque debt is increasing.Rising inflation and interest rates also pose more challenges to economic recovery, and developing countries need to focus on building healthier financial sectors.It is reported that myBank has been included in the “inclusive finance” section of the report because it has continued to provide online credit services to small and micro business operators through “contumless loans” during the epidemic period, enabling them to obtain funds needed for business resumption without going out and without collateral.Other examples in the same section include supply chain finance in the context of the pandemic, and pay-as-you-go solar home energy systems.According to the report, MyBank is an online bank mainly serving small and micro business operators in China. As of June 2021, the number of small and micro business operators who have used its credit services reached 40 million, among which 80% have less than 10 employees and most have never received operational loans from banks before.In order to help micro and small businesses cope with the epidemic, MyBank, in collaboration with the All-China Federation of Industry and Commerce, launched the “Contactless Loan” program in March 2020.With the application of fintech, such as data technology and intelligent risk control, the noncompliance rate of contactless loans to micro and small business operators was only 1.52 percent.In a video released by the World Bank, Jin Xiaolong, chairman of MyBank, said, “From our experience, digital finance technology has revolutionized the ability of financial services to small and micro businesses. It is very efficient, and customers can apply for” contactless loans “in one minute on their mobile phones, and it is also accurate.It can accurately identify small and micro businesses, such as catering and accommodation, which are hardest hit by the epidemic and have the most urgent financial needs. More importantly, it can also optimize risk control and promote financial inclusion.To reduce global financial risks and promote recovery, World Bank President David Malpass said it is critical to make credit more inclusive and allocate capital in a growth-oriented way so that dynamic small businesses and industries with higher growth potential can invest and create jobs.It is understood that this is not the first time that China’s digital finance has won international recognition.In 2019, electronic retailing bank solve small micro enterprise loans difficult breakthrough and contribution, emerge from the global more than 140 Banks, the world bank group and the group of 20 (G20), “BBS” global small and medium-sized enterprises promulgated by the annual “global bank of micro, small and medium enterprises award”, the award was also considered to be the world’s highest award in the field of finance in pratt & Whitney.