Alibaba is adding to its list of joint companies with their new relationship with ICICI Bank. The two have come together in order to launch a trade facilitation center, which is meant to help businesses in India trade easier on the market. Those Indians entrepreneurs who are working with Alibaba.com will have the access needed for business services to get an array of solutions such as bank guarantees, cross-border remittances, discounts, cash management solutions, and business loans. The idea is to make Alibaba, a China business brand that is widely known on the market, just as popular within India.
The executive director of ICICI Bank, Rajiv Sabharwal stated:
“With this, we will offer to the members of Alibaba.com special propositions across our entire spectrum of business services…”
Alibaba believes this is going to be a great step in accessing financing and logistics services that are provided by ICICI Bank for those Indian customers who partake on these. To encourage businesses in India to utilize the ICICI Bank for their services, they have sweetened the deal by offering Alibaba customers better rates than what they would normally see if they weren’t working with Alibaba.