Thursday, 23-July-2009, Alibaba Group announced about its collaboration with Bank of China for expanding its international business development and domestic programs.Earlier this year, senior Alibaba executives visited Silicon Valley, where they met with market giants includes Google, eBay and Amazon.com in order to discuss discuss about the possible partnerships. Alibaba also showed its interest to bring its C2C website, Taobao and its payment platforms, Alipay to the US market.
Alibaba's deal with the Bank of China will give its online payment service, Alipay, a vital growth as Alibaba will now allow Bank of China customers to make transactions in foreign currency through this platform.
Alipay will also allow Bank of China to offer currency conversion for international trade, which could encourage sales between foreign and Chinese traders. Partnership with Paypal is also under discussion.
Alibaba will also work with Bank of China to expand a loan program for Chinese SMEs. This program is expected to facilitate 6 billion yuan (US$880 million) in loans this year, gives vendors credit ratings based partly on their Alibaba transaction history.
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