News this week: The
Alibaba Group’s
B2B e-commerce subsidiary, Alibaba.com,
announced
a partnership agreement with
seven Chinese banks to offer unsecured business loans to small and medium-sized
enterprises (SMEs) from mainland China.
SMEs using Alibaba’s
OneTouch trade-services platform can borrow from RMB 1 million (US$161,000) up
to RMB 10 million (US$1.61 million) depending on company’s prior six-month
export history and creditworthiness, which Alibaba gathers through OneTouch – an Alibaba-affiliated import/export
service company.
Other Alibaba.com
suppliers who do not use OneTouch can also apply for smaller loans under the
programme, but are limited to a lower amount. According to Alibaba, the company
will be responsible for evaluating creditworthiness based on shipment data from
customs agencies and logistics companies, while the final lending decision lies
with participating banks.
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