MYbank app to better serve loan seekers
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.