KUALA LUMPUR, Oct 21 -- MYbank, an online private commercial bank in China, has announced a programme to provide RMB 400 billion of collateral-free credit to businesses in need as they gear up for this year’s 11.11 Global Shopping Festival. (RMB 100 = RM62.32)
“For many SMEs across China, the 11.11 Global Shopping Festival this year has added significance and presents an important opportunity to strengthen business continuity and growth,” said MYbank President, Jin Xiaolong.
“We are dedicated to supporting them at this critical time and to alleviate turnover pressure by extending our collateral-free financing offer to businesses that have received pre-sale orders.”
As part of the dedicated programme, MYbank is offering a total of RMB 200 billion in short-term loans to help small and micro business owners overcome the economic impact of the COVID-19 pandemic.
This enables business owners, particularly smaller vendors with more immediate capital needs, to receive payments in full once buyers place their pre-orders, in turn shortening the payment cycle and turnover by up to about 20 days, according to a statement.
The financing service, in line with MYbank’s commitment to supporting the sustainable growth of SMEs, is made available to merchants ahead of the 11.11 Global Shopping Festival.
Established in 2015, MYbank was the first bank in China to establish its core banking system entirely on the cloud without any physical branches.
-- BERNAMA
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