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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