6 Internet finance tools in China
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E-mail China Daily, December 4, 2014
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Screenshot of Alibaba Small and Micro Financial Services Co. [Photo/aliloan.com] |
No 6 E-commerce micro credit
Micro-lenders largely target small companies and low-income groups in need of capital. Micro-finance has become an important channel for private capital to enter the financial market. China approved establishment of micro-credit companies in 2005. The number of such companies bloomed from less than 500 in 2008 to over 4,000 in 2011, and 7,839 at the end of 2013.
Alibaba set up Alibaba Small and Micro Financial Services Company to consolidate its online payment and micro loan businesses, and provide financial services for consumers and small and micro enterprises - those with an annual turnover of less than 30 million yuan ($4.8 million). Alibaba Group Holding Ltd said on Oct 16 that it has changed the name of its Alipay financial services affiliate to Ant Financial Services Group as it steps up its push into the financial services industry.
