MNC is China’s first wholly foreign-owned micro credit company. MNC is jointly owned by the International Finance Corporation, KfW Bankengruppe, and MicroCred S.A.
"We are excited to be part of the first wholly owned foreign micro credit company in China," said Olin Wethington, Chairman, AIG Companies in China. "We look forward to bringing financial products and services to individual entrepreneurs and small businesses in the Nanchong municipality, especially those outside of urban areas."
Rick Pfeiffer, Chairman and CEO of AIG Consumer Finance Group and a member of AIG's Micro Financial Services advisory board, said, "This strategic collaboration, through MNC, will enable AIG to broaden the choice and availability of financial products to the small business sector in the Nanchong municipality." Pfeiffer says that "By providing access to financial products that otherwise may not be readily available, MNC helps to support their development and growth."
AIG will handle its dealings with MNC through it division called AIG Micro Financial Services, which provides financial services and products to low-income individuals and micro entrepreneurs around the world.
AIG currently has more than 1.2 million micro-insurance policies in force in Colombia, Guatemala, Honduras, India, Indonesia, Mexico, Nicaragua, Pakistan, Uganda, Kenya and South Africa.