Home
Internet
Internet News
Alibaba, ICICI Bank Partner to Help Finance Trade for MSMEs

Alibaba, ICICI Bank Partner to Help Finance Trade for MSMEs

By Indo-Asian News Service | Updated: 22 June 2015 18:32 IST

Click Here to Add Gadgets360 As A Trusted Source

ICICI Bank on Monday said it has partnered with Alibaba.com, the leading platform for global wholesale trade, to launch a trade facilitation centre, a single window facility to provide easier trade finance to the small and medium enterprises in India.

The collaboration for the centre will enable the Indian entrepreneurs who are members of Alibaba to get quick access to an array of integrated business services from ICICI Bank including business loans, cash management solutions, foreign exchange transactions, bank guarantees and cross-border remittances, in addition to privileges and discounts, the private bank said in a statement.

"With this, we will offer to the members of Alibaba.com special propositions across our entire spectrum of business services ranging from accounts, letter of credit, bank guarantees, remittances, forex, loans and cash management solutions," said its executive director Rajiv Sabharwal.

Alibaba Discussion

Explore More...

Alibaba.com's channels director, india, Bhushan Patil said that with the centre, "Alibaba.com expects to offer access to various financing, credit and logistics services provided by ICICI Bank for our Indian customers".

"We have also worked to sweeten this proposition by enabling Alibaba.com's members in India to enjoy better rates and discounts on ICICI Bank's products and services," he said.

Serving millions of buyers and suppliers around the world, Alibaba.com aids small businesses to sell their products to companies in other countries. Sellers on Alibaba.com are typically manufacturers and distributors based in China and other manufacturing countries such as India, Pakistan, the US and Thailand.

Comments

Get your daily dose of tech news, reviews, and insights, in under 80 characters on Gadgets 360 Turbo. Connect with fellow tech lovers on our Forum. Follow us on X, Facebook, WhatsApp, Threads and Google News for instant updates. Catch all the action on our YouTube channel.