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Alibaba new venture
March 15, 2013, Friday
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Alibaba Group, China's largest e-commerce company, which has its headquarters in Hangzhou, plans to set up a financial service unit to serve small businesses as it expands into 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 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 app. The service will be available to buyers in Zhejiang and Hunan provinces starting next month.
Alibaba's financial unit is merging with Alipay to form the new venture that will offer small loans of a maximum 5,000 yuan 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 app. The service will be available to buyers in Zhejiang and Hunan provinces starting next month.
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