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HSBC announces trade finance loan partnership with logistics platform Cainiao

Monday 23 March 2020 10:12 CET | News

HSBC has announced leveraging big data to offer quick trade financing approvals to Hong Kong merchants on Alibaba's ecommerce platform Tmall.

 

HSBC is will use third-party data to approve trade finance loans under a partnership with Alibaba Group’s smart logistics platform Cainiao Network Technology, the bank announced in a statement.

The service is available to merchants using Alibaba's ecommerce platform Tmall, which currently number some 1,800. It is also hoped that the simplified financing process will help retail and assisting businesses resume normal operations amid the Covid-19 outbreak, the partners said.

As part of the scheme, merchants will not be required to provide collateral or financial documents, and can get approvals for loans of up to USD 500,000 within seven days. The bank is also offering a discount of 1% off the annual interest rate until the end of June.


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Keywords: Tmall, HSBC, Cainiao, China, Hong Kong, Alibaba, trade finance, B2B payments, ecommerce platform, Covid-19 financial aid, logistics platform, Asia, APAC
Categories: Banking & Fintech | E-invoicing, SCF & E-procurement
Countries: Hong Kong
This article is part of category

Banking & Fintech