Alibaba to offer small loans in expansion
By Ding Yining |
March 8, 2013, Friday
|
Print Edition
Print Edition
ALIBABA Group, China's largest e-commerce company, plans to set up a financial service unit to serve small business owners as it expands into offering more value-added services.
Alibaba's financial unit is merging with Alipay to form the new venture that will offer small loans of a maximum 5,000 yuan (US$803) and virtual credit card services for small business owners and consumers. Consumers will be to gain a credit line after putting orders on Alibaba's shopping site through its mobile application. The service will be available to buyers in Zhejiang and Hunan provinces starting in April.
In an e-mail statement yesterday the company said it will focus on meeting the financing needs of small and micro online vendors who usually won't be able to get loans from commercial banks and financial institutions.
Alibaba chairman and CEO Jack Ma had said earlier that apart from its shopping sites Taobao and Tmall, finance and logistics will be the two major projects to focus on.
Alibaba's financial unit is merging with Alipay to form the new venture that will offer small loans of a maximum 5,000 yuan (US$803) and virtual credit card services for small business owners and consumers. Consumers will be to gain a credit line after putting orders on Alibaba's shopping site through its mobile application. The service will be available to buyers in Zhejiang and Hunan provinces starting in April.
In an e-mail statement yesterday the company said it will focus on meeting the financing needs of small and micro online vendors who usually won't be able to get loans from commercial banks and financial institutions.
Alibaba chairman and CEO Jack Ma had said earlier that apart from its shopping sites Taobao and Tmall, finance and logistics will be the two major projects to focus on.
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