Controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
Back to profile3 entries
2024
MYbank Fined RMB 7.35 Million Over Loan Management and Related-Party Transactions
The Zhejiang financial regulator disclosed 13 violations by MYbank, including major related-party transactions conducted without approval, misuse of personal loan funds, non-clean transfer of credit assets, and improperly raising deposit rates, with a fine of RMB 7.35 million. The report states that the relevant rectification has basically been completed. Status: administrative penalty. Entity: Zhejiang MYbank Co., Ltd.
2024
Fined RMB 7.35 Million for 13 Violations Including Major Related-Party Transactions Without Review
The National Financial Regulatory Administration Zhejiang Bureau disclosed that MYbank had multiple illegal and non-compliant practices, including continuing major related-party transactions without review and approval and imprudent loan management, and was fined RMB 7.35 million, while two responsible persons were warned. The case exposed governance problems in its related-party transactions with Ant Group.
2022
Fined RMB 22.365 Million by PBOC for Violating Clearing Management Rules
The People's Bank of China Hangzhou Central Sub-branch published a penalty notice: Zhejiang MYbank was warned and fined RMB 22.365 million for violating rules on financial statistics, account management, clearing management, credit reporting management, and anti-money laundering, and nine responsible persons were also penalized. MYbank had previously also been reported for suspected “second clearing” and unlicensed payment business. It was one of the largest fines for private banks that year.