Date
15 December 2017

Alibaba micro-finance unit gave 172 bln yuan credit, paper says

Alibaba Microfinance Service Group had 642,000 loan customers as of the end of 2013, with the unit providing a total of 172.2 billion yuan (US$27.76 billion) in credit to users of the group’s business-to-business e-commerce platform Alibaba.com, business-to-consumer site taobao.com and online shopping site tmall.com, the Economic Information Daily reported Wednesday. The Microfinance Service Group has four main businesses in third-party payment, small and micro-financing, money market fund Yu’E Bao and other financial management services, as well as insurance. Alibaba also revealed that Alipay and Alibaba staff own 40 percent stake in the small and micro financing unit, with the remaining 60 percent kept for other investors, the report said.

– Contact HKEJ at [email protected]

EL/AC/RC

 

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