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Alibaba Launches Financing Platform For Online Businesses
May 26, 2008 |
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Chinese e-commerce provider Alibaba has announced an initiative to launch an online platform to help small and medium enterprises in China solve their difficulties in receiving financing.
Reportedly launched on May 15, the platform has established close relationships with more than 2000 venture capitalists from home and abroad. Alibaba says it will transfer the best projects of its registered members to the venture capitalists on a regular basis.
In addition to the online platform, Alibaba's tour symposiums on venture capital investment, which are scheduled to be held in the coming months in Hangzhou, Shanghai, and Guangzhou, are also an important part of the online business financing platform. Right now, Xiong Xiaoge, global senior vice president of IDG; Yan Yan, chief partner of SAIF Partners; Zhu Ming, president of Cybernaut; Wu Ying, partner of CTC; and Shen Guojun, president of Yintai Company, are working as consultants to Alibaba's online financing platform.
Alibaba said previously that it would fully nurture China's online businesses through technology, education and financing. To help SMEs solve the difficulty in applying for bank loans, Alibaba even launched a credit loan service in cooperation with China Construction Bank and the Industrial and Commercial Bank of China.
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