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With 3 mins & zero human bankers, Jack Ma's MYbank has set a revolution in China's banking

Jack Ma's MYbank will soon change the way China lends to small businesses. The bank uses real-time payments data & a risk management system that analyzes more than 3,000 variables to allow borrowers to apply for a loan on a smartphone & receive cash almost instantly if approved. The 4-year old bank has lent 2 trillion yuan till now to nearly 16 million small companies. This whole process just takes 3 mins & zero human bankers.