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ICICI Bank, Alibaba in tie-up

ICICI Bank in association with Alibaba.com is launching the Trade Facilitation Center, a single window facility to provide easier trade finance to the small and medium enterprises in India. The collaborationwill enable the Indian entrepreneurs who are members of Alibaba.com 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. Rajiv Sabharwal, ED, ICICI Bank said this collaboration underlines the bank’s commitment to providing its users with banking solutions that simplify their lives. With this, the bank 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, he added, emphasizing that this access to quick and integrated banking will enable Indian entrepreneurs to propel their business on the global platform. Bhushan Patil, channels director, Alibaba.com in India said with Trade Facilitation Center, Alibaba.com expects to offer access to various financing, credit and logistics services provided by ICICI Bank for its Indian customers. Alibaba.com will also enable its members in India to enjoy better rates and discounts on ICICI Bank’s products and services, he added.

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