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CCB Launches Three Internet Banking e-trade Products in Zhejiang
Published time: 2008-03-07

On February 25th, three Internet banking e-trade products jointly developed by CCB and Alibaba were officially launched online in Zhejiang Province (excluding Ningbo).  These three products were: “Internet Merchant supply Chain Loans”, “Internet Joint Guarantee Loans” and “e-Trade Quick Finance”.

The newly introduced Internet Merchant Supply Chain Loans is a credit service offered by CCB to suppliers who have obtained orders from major buyers. The "suppliers" mentioned here refers to those Alibaba “Trust Pass” or “China Supplier” clients who have a definite number of orders in hand and who have been selected as upstream suppliers by a well-run, reputable medium or large size enterprise (a major buyer) which adopts centralised purchasing. If Client A, a supplier of Company B, is currently in possession of a Company B order worthing RMB1 million, then, on the strength of this order, Client A can apply for a loan amounting to 60% of the value of the order, i.e, RMB600, 000. Moreover, this is a revolving credit facility which may be used repeatedly for withdrawing funds up to the credit amount granted.

The other two products, Internet Joint Guarantee Loans and e-Trade Quick Finance, which were respectively launched last November and December in pilot schemes in Hangzhou, Jiaxing, Huzhou and Shaoxing, have received fervent responses from the market. For Internet Joint Guarantee Loans alone, 620 applications have already been received from enterprises in the pilot cities within a three-month period. Of these, 218 enterprises have already formed joint-guarantee circles among themselves and, so far, 37 enterprises have obtained CCB loans.  As at February 20th, CCB has extended RMB163 million worth of e-trade loans to 56 small enterprises.

CCB will continue to make in-depth studies on how to extend its internet banking business to more areas and to a wider clientele in order that those small enterprises which are normally shut out by traditional bank credit requirements could have a chance of obtaining financing support through internet banking mechanisms.

Product descriptions and application channel:

http://page.china.alibaba.com/shtml/jianhang/main.html?tracelog=auction_jhwllb_qskf

http://info.china.alibaba.com/news/subject/v5003000-s5024856.html?head=no

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