Need a 3-minute loan? Ask Jack Ma

Jack Ma's changing the way China lends to small businesses. His four-year-old MYbank has lent 2 trillion yuan (Rs 20.02 lakh crore) to nearly 16 million small companies, which had been shunned for decades in favour of state-owned giants. The whole process takes 3 minutes and involves zero human bankers. And the default rate so far? About 1%.

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