Vipshop's Small Loans Subsidiary Approved

TechWeb, 7/04/14

Chinese B2C brand-name discount site Vipshop (NYSE: VIPS) has received licensing approval from the Guangdong Provincial Finance Office to set up a small loans subsidiary.

A Vipshop spokesperson has disclosed that the company's current small loans strategy is based around the provision of financial services to suppliers, and that the Vipshop small loans business is projected to begin operating by mid-July.

In addition, Vipshop is currently applying for a license to establish a third-party payment platform, which the company hopes to use to determine individual credit ratings for consumer financing purposes, such as installment plans for purchasing cars and luxury items.

Editor's Note: For more information on this topic, please see "Rumor: Vipshop, Ctrip, Soufun Plan Small Loan Subsidiaries," MD 5/19/14 issue.

Keywords: Internet B2C third-party payment Vipshop VIPS financial services e-commerce flash sales

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