Jack Ma’s $290 Billion Loan Machine Is Changing Chinese Banking

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%.

https://www.bloomberg.com/news/articles/2019-07-28/jack-ma-s-290-billion-loan-machine-is-changing-chinese-banking

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