{"id":94182,"date":"2019-07-28T01:22:48","date_gmt":"2019-07-28T08:22:48","guid":{"rendered":"https:\/\/lifeboat.com\/blog\/2019\/07\/jack-mas-290-billion-loan-machine-is-changing-chinese-banking"},"modified":"2019-07-28T01:22:48","modified_gmt":"2019-07-28T08:22:48","slug":"jack-mas-290-billion-loan-machine-is-changing-chinese-banking","status":"publish","type":"post","link":"https:\/\/lifeboat.com\/blog\/2019\/07\/jack-mas-290-billion-loan-machine-is-changing-chinese-banking","title":{"rendered":"Jack Ma\u2019s $290 Billion Loan Machine Is Changing Chinese Banking"},"content":{"rendered":"<p><a class=\"aligncenter blog-photo\" href=\"https:\/\/lifeboat.com\/blog.images\/jack-mas-290-billion-loan-machine-is-changing-chinese-banking2.jpg\"><\/a><\/p>\n<p>The financial-technology boom that turned China into the world\u2019s biggest market for electronic payments is now changing how banks interact with companies that drive most of the nation\u2019s economic growth. As MYbank and its peers crunch reams of new data from payment systems, social media and other sources, they\u2019re growing more comfortable with smaller borrowers that they previously shunned in favor of state-owned giants.<\/p>\n<hr>\n<p>Jack Ma\u2019s online bank is leading a quiet revolution in the way China lends to small businesses, taking aim at a credit bottleneck that has held back Asia\u2019s largest economy for decades.<\/p>\n<p>Using real-time payments data and a risk-management system that analyzes more than 3,000 variables, Ma\u2019s 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\u2019re approved. The whole process takes three minutes and involves zero human bankers. The default rate so far: about 1%.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The financial-technology boom that turned China into the world\u2019s biggest market for electronic payments is now changing how banks interact with companies that drive most of the nation\u2019s economic growth. As MYbank and its peers crunch reams of new data from payment systems, social media and other sources, they\u2019re growing more comfortable with smaller borrowers [\u2026]<\/p>\n","protected":false},"author":417,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43,39,45,1512],"tags":[],"class_list":["post-94182","post","type-post","status-publish","format-standard","hentry","category-business","category-economics","category-finance","category-mobile-phones"],"_links":{"self":[{"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/posts\/94182","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/users\/417"}],"replies":[{"embeddable":true,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/comments?post=94182"}],"version-history":[{"count":0,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/posts\/94182\/revisions"}],"wp:attachment":[{"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/media?parent=94182"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/categories?post=94182"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/tags?post=94182"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}