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Alibaba, ICBC Partner For Loans
Tags: AliPay, Alibaba, B2B, C2C, ICBC, Industrial and Commercial Bank of China, Internet, Taobao, e-commerce,
Alibaba and Industrial and Commercial Bank of China (ICBC) signed an agreement on June 29 to provide business loans to Chinese small and medium enterprises (SMEs). The two parties will use Alibaba's online trust rating and a company's e-commerce track record to determine eligibility for the loans. The partnership will be tested first in Zhejiang before being rolled out nationwide. It was reported in May that Alibaba partnered with China Construction Bank for a similar service.
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