The mobile banking units of e-commerce giant Alibaba and internet conglomerate Tencent Holdings are changing the landscape of financial services in China, lending to more than 100 million people so far, including those in rural areas and microbusiness owners.

Farmers and microbusinesses -- which employ no more than nine people -- that previously had trouble securing loans from conventional banks are reaching out to Alibaba and Tencent for help. Both companies make their lending decisions by artificial intelligence, processing vast amounts of information gathered from the mobile payments they handle.

News via Nikkei Asian Review