ICICI Bank to offer Alibaba customers quick loans

ICICI Bank on Monday entered into a partnership with online marketplace Alibaba.com, under which small businesses who are members of the Chinese e-commerce major can avail of faster loans. Under the arrangement, it has created a ‘Trade Facilitation Centre’, and it will provide the entrepreneurs quick access to bank offerings including business loans, cash management solutions, foreign exchange transactions, bank guarantees and cross-border remittances.