ICICI Bank Join hands with Alibaba to Provide Easy Finance to MSMEs

Leading private sector lender, ICICI Bank and Alibaba.com, an online platform for global trade join hands to launch a trade facilitation centre, a single window facility in a bid to provide easier trade finance to the MSMEs in India.

The collaboration for the centre will enable the Indian entrepreneurs who are members of Alibaba to get quick access to an array of integrated business services from ICICI Bank including business loans, cash management solutions, foreign exchange transactions, bank guarantees and cross-border remittances, in addition to privileges and discounts, ICICI bank said in a statement on Monday.

"With this, we will offer to the members of Alibaba.com special propositions across our entire spectrum of business services ranging from accounts, letter of credit, bank guarantees, remittances, forex, loans and cash management solutions," said its executive director Rajiv Sabharwal.

Alibaba.com's channels director, India, Bhushan Patil said that with the centre, "Alibaba.com expects to offer access to various financing, credit and logistics services provided by ICICI Bank for our Indian customers".

He further said that Alibaba has also enabled its members in India to enjoy better rates and discounts on ICICI Bank's products and services.