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March 15, 2013

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HomeCity specialsHangzhou

Alibaba new venture

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.

 

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