Alibaba, lenders team up for SME financing
An is seen a glass wall with the logo of at the 's on the of , , April 23, 2014.
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Group Ltd up with seven banks on , loans of up to 10 yuan ($1.6 ) to China's small and -sized as the e- looks to build a based on .
The Bank of China Ltd, China Bank Corp, Ping An Bank Co Ltd, China Bank Co Ltd, Bank of Co Ltd, Bank of China Co Ltd and Bank Co Ltd.
to the -based e- giant, that had of more than $100,000 's over the past six can apply for such loans. They can get 1 yuan worth of bank for every $1 in .
The is the only thing for the loan.
Wu , vice- of Group, said that about 89 of SMEs in China find it to get loans they can not banks' .
"As an e- with lots of data on our , we want to make it easy for all of the - to do ," Wu said.
By the gap SMEs and banks, is at the of an based on big data that can every of trade, from to data and , he said.
Wei Qiang, of One Touch Co Ltd, 's , said that more than half of the - are to move their brick-and- trade to in the next 10 years.
"That will a trade that is to be as big as 10 yuan," he said.
As they cope with costs in China, many are keen to get . He , of Co Ltd, said he a loan of 5 yuan from China Bank the by .
"My had an of 260 yuan in 2013. In the past, banks lent to us, they didn't trust the data we ," he said. He said by are very , as it acts as the third party for such .
Li Ye, an at the , said banks can from the by .
"The costs for banks to do due in order to grant loans to SMEs are very high. There are so many SMEs and the they want to aren't much with big . So big data can be used as an way for banks to risks heavy ," she said.
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