The largest private sector lender, ICICI Bank, on Monday entered into a partnership with the largest online marketplace Alibaba.com, under which small businesses that are members of China’s large e-commerce company can benefit from faster loans.
As part of this agreement, it has created a “Trade Facilitation Center” and will provide entrepreneurs with quick access to banking offers, including business loans, cash management solutions, foreign exchange, bank guarantees. and cross-border remittances.
“We believe that this access to fast and integrated banking services will enable Indian entrepreneurs to propel their business on the global platform,” Rajiv Sabharwal, executive director of ICICI Bank, said in a statement.
“Alibaba.com expects to provide access to various finance, credit and logistics services provided by ICICI Bank to our Indian customers,” said portal’s channel manager Bhushan Patil, adding that customers would benefit from best rates and discounts for the use of products.
The statement, however, did not mention the number of Indian businesses registered on the portal and likely to benefit from it.
According to some reports, Alibaba was keen to deepen its presence in the country, in particular through acquisitions.
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