SHANGHAI/GUANGZHOU -- When 38-year-old Li Bencai, owner of a wool-processing factory in China's Hebei Province, traveled to the pastures of Xinjiang Autonomous Region this summer to buy wool, he borrowed money from online lender MyBank, an offshoot of Alibaba Group Holding.
Finance
China's mobile banks offer 1-second loan decisions in farmland
Alibaba and Tencent utilize troves of data to offer fresh lending
Farmers and microbusinesses that previously had trouble securing loans from conventional banks are reaching out to Alibaba and Tencent for support. © Reuters
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