Bloomberg

Jack Ma's $290 billion loan machine is changing Chinese banking

Jack Ma during in Paris on May 16, 2019. Foto: Bloomberg/ Marlene Awaad

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 analyzes more than 3,000 variables, Ma's four-year-old MYbank has lent 2 trillion yuan ($290 billion) to nearly 16 million small companies. Borrowers apply with a few taps on a smartphone and receive cash almost instantly if they're approved. The whole process takes three minutes and involves zero human bankers. The default rate so far: about 1%...

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