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　　E-commerce giant Alibaba holds a 30-percent stake in MYbank through its financial arm, Ant Financial. MYbank said it has lent a total of 45 billion yuan (around 6.88 billion U.S. dollars) to farmers, merchants on Alibaba's online marketplace, restaurant owners and mom-and-pop stores, extending loans to 800,000 borrowers that have trouble accessing financing through traditional banks.

　　In the eight months since it opened for business last June, MYbank's loan balance has grown 30 percent each month on top of a client base that has been expanding 12 percent for the past five months.

　　Alibaba Internet lender extends 45 bln yuan in loans in 8 monthsIts rival, Tencent, also runs a private lender called WeBank based in the southern Chinese boomtown of Shenzhen. Neither lender has a physical presence, instead providing services online or through mobile applications.

　　They are among a group of private lenders approved by the Chinese banking¹ regulator under a trial program to encourage lending to the country's small and private businesses and the rural population.

　　China's large, state-owned banks have been more inclined to lend to big, state-owned companies as the implicit² guarantee they have from the government has made lending to such firms almost risk-free.

　　Smaller companies and individuals don't have such backing, and without adequate credit records, banks don't know how much risk they are exposed to when lending to these companies.

　　MYbank has tended to lend to companies and firms that have historically been underserved by big banks, while WeBank has focused on consumer credit and wealth management. Both touted³ their ability to accurately⁴ evaluate clients' creditworthiness based on their online activity, in addition to information gathered through traditional due diligence work.

　　MYbank didn't disclose the aggregate⁵ amount of credit extended to farmers, but said average credit for rural household across 2,425 villages in 24 provinces stands at 44,000 yuan.

 

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