MYbank app to bet­ter serve loan seek­ers

China Daily (Canada) - - BUSINESS -

MYbank, the In­ter­net bank backed by e-com­merce giant Alibaba Group Hold­ing Ltd, re­cently launched a mo­bile app to bet­ter serve loan seek­ers. The pri­vate lender said in a state­ment onWed­nes­day that the app aims to pro­vide fi­nan­cial ser­vices, such as loans and wealth man­age­ment, to small and mi­cro busi­nesses and part of the in­di­vid­ual users. The bank, which started op­er­a­tion in June 2015, has of­fered fi­nan­cial ser­vices to more than 80,000 small and mi­cro busi­nesses and en­trepreneurs. base, ex­po­sure to illiq­uid fixed-in­come as­sets, tough mar­ket con­di­tions and “his­tor­i­cally low lev­els of client ac­tiv­ity”. The bank said it is now tar­get­ing cost re­duc­tions of at least 4.3 bil­lion Swiss francs ($4.4 bil­lion) by 2018, up from 3.5 bil­lion francs pre­vi­ously. Sav­ings of 1.7 bil­lion francs are ex­pected this year.

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