The collaboration between Alibaba.com and financial institutions has already resulted in a series of lending services for SMEs. Partners from mainland China include MYBank, a Chinese Internet bank supported by Alibaba’s affiliate Ant Financial Services Group, along with Ping An Insurance, Bank of China, China Merchants Bank, China Construction Bank and Bank of Shanghai.
Alibaba.com also works with global credit reporting firms to provide information and ratings to suppliers and buyers. In addition, overseas buyers will be able to have more confidence when engaging with new suppliers, as they will be able to review the credit profiles of Chinese suppliers through a new credit reporting service called credit.alibaba.com.
Slated for launch later in 2016, the new service will provide corporate credit scores and ratings of Chinese suppliers that opt to join the program. Drawing on input from the ratings firms, together with Alibaba.com’s own data and other public records, the new service intends to provide quality data which can be used as reference for online lending services by the financing partners to Chinese SME suppliers.
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