Taobao Begins Closed Testing of Loan Service

Sohu IT, 4/01/10

Chinese B2C and C2C e-commerce site Taobao is currently conducting a closed beta of a new "Taobao Loan" service, which will operate by paying sellers upfront and charging buyers interest on their purchases.

Unlike most loans, Taobao Loan will not require any collateral. All operations can be conducted online, and interest will be charged on a per-day basis. The webpage for Taobao Loan indicates that the e-commerce company will set aside RMB 200 mln for loans.

The service is set to begin testing in Hangzhou, Taobao's hometown, in mid-April, and to begin operations nationwide in May. A source inside Taobao confirmed that the service was in testing, and that further specifics had yet to be decided upon by Taobao's dedicated loan and credit division.

Keywords: e-commerce Taobao Internet B2C C2C

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