Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

LATEST
JD Logistics Takes Pitches from Banks for Planned Hong Kong IPO in 2021
New Rules Derail Mega Livestreaming E-Commerce Deal
Trending in China: Why Are People Queuing Eight Hours and Paying $30 for a Cup of Milk Tea?
Trending in China: Teacher Assaulting Children Raises Question About Role of Volunteers in Education
‘Look, No Hands!’ - AutoX Rolls Out China’s First Self-Driving Fleet Without Safety Drivers
U.S. Firms Deny Selling to China Military, as Washington Prepares New Blacklist
Baker Bros. Advisors Sells ADSs in BeiGene Just Months After Buying Shares
Trending in China: Sharing Students’ Grades Online – The Fine Line Between Motivation and Public Shaming
Tesla Rival Li Auto Plans New Share Sale to Bankroll R&D
Alibaba Logistics Arm Chills with Ethiopian Airlines to Transport Covid-19 Vaccines
U.S. Blacklist of Chinese Tech Firms Continues to Grow
China's Bluetooth Audio Chip King Set For $741m Shanghai IPO
U.S.-Blacklisted Hikvision Zooms in on COVID Tracking Demand
Trip.com Reports First Quarterly Profit of 2020 as Travel Recovers
Xiaomi Raises Nearly $4 Billion Through Sale of Shares and Bonds
Baidu Leads China in AI Patent Applications and Ownership
Trending in China: Now Forbidden on China’s Trains
Chinese Biopharma Firm Pegbio Nets $122m in Pre-IPO Round From YF Capital, Yingke, Others
NEV Makers Nio and Xpeng Keep Revving Up Sales, But Investor Unimpressed
Britain Bans Installation of New Huawei 5G Equipment from September 2021 in Major U-Turn
Alibaba-Backed Lender in Credit Frenzy for ‘Double Eleven’ Shopping Fest

By Ding Yi / Oct 22, 2020 04:52 PM / Finance

Above, workers at the Hangzhou headquarters of Alibaba's Tmall promote Double 11 in 2017. Photo: Visual China

Above, workers at the Hangzhou headquarters of Alibaba's Tmall promote Double 11 in 2017. Photo: Visual China

Ant Group’s online lender MYbank is launching a flood of credit to provide short-term financing for merchants during Alibaba’s upcoming “Double Eleven” online shopping extravaganza.

The 5-year-old online bank said it will provide 400 billion yuan ($60 billion) of collateral-free loans to businesses as they gear up for the online shopping festival that falls on Nov. 11, MYbank said in a statement on Wednesday.

As part of the program, MYbank will extend 200 billion yuan of short-term loans to poorly-funded small vendors, enabling them to receive payments in full once consumers place pre-orders. It said the move could shorten the payment cycle and turnover by up to about 20 days.

The program comes at a time when consumption continues to recover from the Covid-19 pandemic as the Chinese government steps up efforts to revive the world’s second-largest economy from its pandemic-induced slowdown.

“For many small- and medium-sized enterprises (SMEs) across China, the Double Eleven festival this year has added significance and presents an important opportunity to strengthen business continuity and growth,” MYbank president Jin Xiaolong said in a statement.

Some 800 million consumers are expected to participate in this year’s online shopping festival which will feature more than 250,000 brands, Alibaba said in a statement emailed to Caixin.

MYbank differentiates itself from traditional commercial banks by using cloud technology to reduce financing costs and fast-track the loan approval process for SMEs, which have accounted for about 60% of China’s gross domestic product (GDP) in recent years.

Contact reporter Ding Yi (yiding@caixin.com)

Related: Alibaba-Backed Online Bank Lends to Over 20 Million Small and Micro Firms


Share this article
Open WeChat and scan the QR code