Friday, March 25, 2011

Alibaba to expand loans business

News this week: Hangzhou-based e-commerce company, Alibaba Group, plans to expand its small-loans business this month partnering with two more financial institutions, the China Construction Bank (CCB) and Industrial and Commercial Bank of China (ICBC). AliLoan, the company’s loans division, has facilitated loans worth US$4.1 billion as of the end of January this year and AliLoan is seeking agreements with 15 other commercial banks including the Bank of China (BOC) and the Agricultural Bank of China. A pilot project has already been carried out with the BOC in Zhejiang province.

The China Daily reports that over 90% of Alibaba’s e-commerce clients are located in the provinces of Zhejiang, Jiangsu, Fujian and Guangdong as well as Beijing and Shanghai, where Alibaba and CCB have been partnering to provide small-loans.

No comments: