New Jersey Headlines

MYbank’s Lark Intelligent Risk Control System was presented the gold award in the category of “Product Innovation of the Year” at the Global SME Finance Forum held in Mumbai, India on September 13, 2023.

Organized by IFC, a member of the World Bank Group, and the SME Finance Forum and endorsed by the G20’s Global Partnership for Financial Inclusion (GPFI), the Global SME Finance Awards celebrate the outstanding achievements of financial institutions and fintech companies in delivering exceptional products and services to their SME clients. 

At the forum, MYbank was also awarded the honorable mention in the categopry of “Best Financier for Women Entrepreneurs”.

Small and micro enterprises account for 95% of all business organizations in the world and provide nearly half of the employment opportunities. However, hundreds of millions of small and micro enterprises around the world are facing the problem of difficult and expensive financing. The “Global SME Finance Award” aims to discover financial products that have made outstanding contributions to SME finance and promote their best practices worldwide.

As MYbank’s new generation of intelligent risk control system, Lark applies large-scale artificial intelligence technology, computer vision, and dynamic enterprise knowledge graph in SMEs’ financial risk control, generating and describing the information about the assets and credit of operators, and thus can provide more accurate credit lines to support SMEs’ financing needs.  

Xiao SONG, General Manager of Credit Product Department of MYbank, said SMEs generally operate multiple stores, multiple channels, and multiple accounts, so it is difficult for a single platform to fully present their real business situation, therefore making credit assessment inaccurate. Lark is expected to address this issue. It acts like an AI credit approver, allowing small and micro business operators to submit contracts, invoices, stores photos, truck photos and other materials on their own through the dialog box. Lark then analyzes the materials and evaluates the operating conditions of these busiensses to enhance the accuracy of credit line assessment for them.

“Since its launch, Lark has far exceeded our expectations,” added Xiao SONG. “At present, Lark has enabled more than 70 self-certification tasks, serving more than 8 million SME users.” 

Matthew Gamser, CEO of the SME Finance Forum said, “Every year sees more applications from more countries, and this year was our biggest increase ever. The competition also gets tougher every year. All who’ve been recognized in any way should be very, very proud. This competition makes me very positive that we are on the right track to greatly narrow the SME finance gap.” 

MYbank, which was established by Ant Group and other shareholders, has been focusing on serving SMEs for eight years. As of the end of 2022, MYbank had provided credit services to more than 50 million SMEs and individual business operators, while financing costs of SMEs have been reduced for five consecutive years.

Media Contact
Company Name: MYbank
Contact Person: Press Office
Email: Send Email
Country: China
Website: https://www.mybank.cn/