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Xinhua Silk Road
News for Outlets

MYbank joins hands with ADBC to deepen cooperation in rural finance

September 17, 2020


Abstract : MYbank, a leading online private commercial bank under Ant Financial Services Group, signed on Wednesday a strategic cooperation agreement with the Agricultural Development Bank of China (ADBC) to strengthen cooperation in various fields such as rural finance, industrial finance, joint risk control, financial technology,etc, the Xinhua-run Shanghai Securities News reported on Wednesday.

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BEIJING, Sept. 17 (Xinhua) -- MYbank, a leading online private commercial bank under Ant Financial Services Group, signed on Wednesday a strategic cooperation agreement with the Agricultural Development Bank of China (ADBC) to strengthen cooperation in various fields such as rural finance, industrial finance, joint risk control, financial technology, etc, the Xinhua-run Shanghai Securities News reported on Wednesday.

This move, which marks the first strategic cooperation between a policy bank and an internet bank in China, will help empower small and micro enterprises (SMEs) to overcome the financing difficulties and resolve expensive financing problems. 

Under the agreement, ADBC will carry out multi-pronged cooperation with MYbank to further enhance its financial service capabilities of agriculture-related industries, scale up support for SMEs, and jointly serve the development of agriculture and rural areas, according to Qian Wenhui, Vice Chairman and President of ADBC.

Jin Xiaolong, President of MYbank, said that this collaboration can better meet the financial needs of SMEs and reduce their financing costs. (Edited by Yang Yifan with Xinhua Silk Road, yangyifan@xinhua.org)

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Keyword: ADBC MYbank

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