ICICI Bank to offer quick loans, discounts to Alibaba members

ICICI Bank has entered into a partnership with the largest online marketplace Alibaba.Com, under which small businesses who are members of the Chinese e-commerce major can avail of faster loans, reported PTI.

Under the arrangement, it has created a 'Trade Facilitation Centre', and it will provide the entrepreneurs quick access to bank offerings including business loans, cash management solutions, foreign exchange transactions, bank guarantees and cross-border remittances.

"We believe this access to quick and integrated banking will enable Indian entrepreneurs to propel their business on the global platform," ICICI Bank executive director Rajiv Sabharwal said in a statement.

"Alibaba.Com expects to offer access to various financing, credit and logistics services provided by ICICI Bank for our Indian customers," the portal's channels director Bhushan Patil said, adding customers will get better rates and discounts for availing of the products.

The statement, however, did not mention the number of businesses from India who are registered on the portal and potentially stand to benefit.

According to reports, Alibaba has been keen to deepen its presence in the country, including through acquisitions.