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Alibaba finance arm taps boom
By Ding Yining |
February 20, 2013, Wednesday
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Print Edition
Print Edition
ALIBABA Group will offer collateral-free credit loans to qualified small business owners in Guangdong Province as China's largest e-commerce company expands its financing arm.
There are as many as 10 million registered Alibaba members in the province and eligible vendors may get a maximum loan of 3 million yuan (US$483,871), Alibaba said on Monday. The size of the loan will be based on ratings given by customers to the vendor as well as the number of orders received.
Alibaba is building up its financing arm to tap its booming online business as more vendors move online to attract consumers. It launched its financing business in Shanghai and the Yangtze River Delta region two years ago.
There are as many as 10 million registered Alibaba members in the province and eligible vendors may get a maximum loan of 3 million yuan (US$483,871), Alibaba said on Monday. The size of the loan will be based on ratings given by customers to the vendor as well as the number of orders received.
Alibaba is building up its financing arm to tap its booming online business as more vendors move online to attract consumers. It launched its financing business in Shanghai and the Yangtze River Delta region two years ago.
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