On 24 June, Jingji Cankao Bao (Economic Reference Newspaper) learned from the 2019 Summit for Small and Micro-finance that Internet-based banks, including MyBank, WeBank, and XWBank, have played a prominent role in promoting inclusive finance.

Data shows, by 21st June, MyBank has worked with over 400 financial institutions to support over 17 million small and micro-business owners, issuing a total of more than three trillion yuan of loans. WeBank online product “micro business loans” requires no collateral other than the borrower’s credit record and can be taken out and paid back at any time. Amon those who have benefited from it, 66% are first-time clients of a bank and 77% have an annual business revenue of less than ten million yuan. By the end of 2018, XWBank had developed a client base of 19.05 million, nearly 80% of whom are from small cities and many do not have a credit record and have never accessed formal financing.

Tang Min, Counsellor of the State Council and Vice Chairman of YouChange Foundation, believes Internet-based banks should extend their reach to the rural areas where there is the greatest need. In addition to helping small and micro businesses in urban areas, there should also be a well-developed system for providing financing for rural areas.