Indian entrepreneurs who are members of Alibaba.com will be able to access ICICI’s business services such as business loans, cash management solutions, foreign exchange transactions, bank guarantees and cross-border remittances along with privileges and discounts.
ICICI Bank executive director Rajiv Sabharwal said: "With this, we 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."
Alibaba.com helps small businesses, primarily from China and also from India, Pakistan, the US and Thailand to sell their products to companies outside their countries.
Alibaba.com India channels director Bhushan Patil said: "Alibaba.com expects to offer access to various financing, credit and logistics services provided by ICICI Bank for our Indian customers.
"We have also worked to sweeten this proposition by enabling Alibaba.com’s members in India to enjoy better rates and discounts on ICICI Bank’s products and services."
However, the statement released by the bank did not mention the number of businesses which are members of Alibaba.com and are likely to benefit from the initiative.
