ICICI Bank of India has announced that it has partnered with China's Alibaba.com to launch a trade facilitation centre that will provide services including letters of credit (L/Cs) and bank guarantees.

Alibaba.com is an online platform for the global wholesale trade.

Single window

The trade facilitation centre aims to provide a single window facility to enable Indian small- and medium-sized enterprises (SMEs) easier access to a suite of trade finance offerings.

The centre will enable the Indian entrepreneurs who are members of Alibaba.com quick and easy access to an array of integrated business services from ICICI Bank.

Preferential rates

As well as L/Cs and bank guarantees, SMEs will be able to access business loans and cash management solutions as well as foreign exchange and cross-border remittance services.

Alibaba.com's members in India will also be able to obtain preferential rates and discounts on ICICI Bank's products and services.

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