wordpress blog stats
Connect with us

Hi, what are you looking for?

Alibaba expands its trade programme with Kotak Bank, IDFC Bank and others

Alibaba flickr

Chinese ecommerce company Alibaba entered has expanded its Trade Facilitation Centre programme in India and has signed agreements with Kotak Mahindra Bank, IDFC Bank, Delhivery, DHL and Aditya Birla Finance.  Alibaba had introduced the programme in the country in June 2015 and had partnered with MYPACCO, ICICI Bank and certification company SGS to boost their logistics, trade finance and checks and inspections for wholesale-trade.

Kotak Mahindra Bank and IDFC Bank will provide banking, transactional and lending solutions while  Aditya Birla Finance will help provide SMEs’ collateral-free loans and customized financing options under this agreement.

DHL will present Alibaba members with Concept 1, a program with one solution for all exports and imports of documents, samples and small shipments. Delhivery will provide domestic courier and logistics services with free shipments and offer Alibaba members special solutions, prices and customer support.

Alibaba’s marketplace also said it has had around 6 million registered Indian buyers and sellers as of early 2016.

SMILE Programme: In December 2015,  the company launched Small and Medium Industries Leveraging Export programme (SMILE) in India, to offer solutions like logistics, certifications, technology and financing. The platform claims it can help support over 10 million small and medium enterprises (SMEs) expand globally.

Advertisement. Scroll to continue reading.

At the time, it mentioned that it would also launch a Hindi version of the portal for B2B businesses. The company said to have an Indian tech support team at its headquarters in China that is working on making the Hindi version of the website.

Softbank share sale: In June, Japanese conglomerate SoftBank Group (SBG) sold $7.9 billion of its stake in the Alibaba to reduce its debt. SBG had first invested in the ecommerce company in 2000 and a owned 32.2% stake. The stake was brought down to 28%, although SBG claims to still remain Alibaba’s largest stockholder. At the same time, Alibaba said it sold shares worth $500 million each to subsidiaries of Singapore’s GIC and Temasek Holdings. The private placements to GIC and Temasek were priced at $74.00 per share.

Image source: Flickr user Clive Darra under CCBY.20 licence

Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

The DSCI's guidelines are patient-centric and act as a data privacy roadmap for healthcare service providers.

News

In this excerpt from the book, the authors focus on personal data and autocracies. One in particular – Russia.  Autocracies always prioritize information control...

News

By Jai Vipra, Senior Resident Fellow at Vidhi Centre for Legal Policy The use of new technology, including facial recognition technology (FRT) by police...

News

By Stella Joseph, Prakhil Mishra, and Yash Desai The Government of India circulated proposed amendments to the Consumer Protection (E-Commerce) Rules, 2020 (“E-Commerce Rules”) which...

News

By Rahul Rai and Shruti Aji Murali A little less than a year since their release, the Consumer Protection (E-commerce) Rules, 2020 is being amended....

You May Also Like

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ