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Bank Of China Goes Online For Micro-Loans
November 28, 2012 |
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Comments | Category: Business & Society
Chinese B2C e-commerce website 360buy.com and the Beijing branch of Bank of China are jointly launching a supply chain financial service platform.
This new platform will reportedly provide micro-loans and complete financial services to companies seeking online support.
The new programs launched by the companies are loan services targeting suppliers and they include order financing, accounts receivable financing, and co-investment. In addition, 360buy.com launched financial services and a collaborative investment trust plans, which claim a return on investment of between 6% and 8%.
In the future, 360buy.com plans to open the financial services to consumers and provide a complete financial solution to various parties in the supply chain.
Liu Qiangdong, chief executive officer of 360buy.com, said that the future business competition is the competition within China's supply chain. Supply chain financing can improve the overall operating capacity of the supply chain and promote the development of the entire industry.
Another Chinese e-commerce giant Alibaba also launched financial services in China. Statistics showed that by the end of June 2012, its financial business unit in charge of small loans had offered financial support to over 129,000 small- and micro-sized enterprises and the total loans had reached over CNY26 billion.
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This is really interesting. I've been doing research lately and it seems like microlending is becoming a global trend. I actually just finished up working with a microloan startup, Seeds, that encourages mobile microlending through a game kind of like Farmville (except the in game purchases go towards helping people). They're launching soon!