Alibaba Enters Into Agreements For TFC Program In India
The proposed TFC program would allow SMEs avail special benefits, dedicated support and customised value-added services, besides providing dedicated facilities
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Alibaba.com, the leading B2B platform for cross-border wholesale trade of Alibaba Group, on Monday announced that it has entered into agreements with new partners to explore the establishment of an expanded Trade Facilitation Centre (TFC) program in India.
The new partners include Kotak Mahindra Bank, IDFC Bank, Delhivery, DHL and Aditya Birla Finance, the company said. Through these partnerships, the company hopes to encourage and support Indian Small and Medium Enterprises (SMEs) by providing a one-stop shop for their essential trade requirements, it said in a release.
The proposed TFC program would allow SMEs avail special benefits, dedicated support and customised value-added services, besides providing dedicated facilities.
While Alibaba.com would work with Kotak Mahindra Bank and IDFC Bank to provide banking, transactional and lending solutions, Aditya Birla Finance would help improve SMEs' exports process with provision of collateral free loans and customised financing options.
DHL would present Alibaba.com members with Concept 1, a program with one solution for all exports and imports of documents, samples and small shipments, while Delhivery would provide domestic courier and logistics services with free shipments and offer Alibaba.com members special solutions, prices and customer support, it added.
"The TFC is instituted for the sole purpose of driving greater participation of Indian SMEs in the international trade and business market," Global Managing Director and Head of India for Alibaba Group K Guru?Gowrappan said.
The company said with leading providers of such services as part of its TFC program, Alibaba.com will provide its platform users with tailor-made services. Alibaba.com has been operating in India since 2007.
The marketplace had around 6 million registered Indian buyers and sellers as of early 2016. Alibaba.com India SVP for Strategic Partnerships Vinay Bhartia said SMEs in India, with whom they interacted, faced multiple challenges even after receiving export orders like logistics, funding, banking services, inspection and shipment.
"So while Alibaba.com helps SMEs or exporters find overseas buyers, value-added services to be provided by our TFC partners will help our members overcome these challenges," the company said.