ICICI-Alibaba deal to ease trade finance for India-based sellers

After State Bank of India's move to finance MSME sellers attached with Snapdeal's online market place, ICICI Bank becomes the first bank in India to partner with Alibaba.com for their online trade facilitation centre.

Indian micro, small and medium entrepreneurs (MSME) who are members of Alibaba.com will also get access to ICICI Bank's other banking facilities such as cash management, foreign exchange, bank guarantees and cross-border remittances.

"This collaboration underlines our commitment to providing users with banking solutions that simplify their lives. 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 was quoted as saying in a press statement.

Banks are exploring this segment with e-commerce space growing thick and fast to meet the aspirations of the next generation customers and small businesses.

"With trade facilitation center, Alibaba.com expects to offer access to various financing, credit and logistics services provided by ICICI Bank for our Indian customers," said Bhushan Patil, channels director with Alibaba.com in India. "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."

(image credits: nextshopin.blogspot)
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