[Gearbest Technology News]On February 23, Gearbest noticed that according to the China Securities Journal, the National Enterprise Credit Information Publicity System disclosed that Zhejiang Alibaba Microfinance Co., Ltd. (referred to as “Ali Microfinance”) has officially submitted the liquidation group filing information, marking that the company has officially entered the liquidation and cancellation procedure. It is worth noting that Ali Microfinance was the predecessor of MYbank, and all its businesses have been successfully taken over by MYbank.
According to public information, Ali Microfinance was established in March 2010 and is the first financial institution in my country to provide microfinance services specifically for e-commerce merchants. The company was jointly established by Alibaba Group and other external shareholders with the approval of the Hangzhou Municipal Administration for Industry and Commerce. Its main business was to provide financial support to merchants on e-commerce platforms in the microfinance market that was difficult for traditional financial institutions to cover at the time, filling the gap in the market.
After MYbank was approved for establishment in 2015, it gradually took over all the operating loan business of Ali Microfinance. Technological development has greatly increased the availability of small and micro loans in China. MYbank has innovatively launched the “310” loan model and expanded its services from online merchants to offline small and micro business operators. In the eight years since its establishment, MYbank has provided digital credit services to 50 million small and micro business operators.
As a transitional company before the establishment of MyBank, Ali Microfinance has not had any actual business operations in recent years, so the cancellation of the company has no substantial impact. China Securities Journal said that this move marks that the microfinance company, which was established to solve the problem of loan difficulties for small and medium-sized e-commerce sellers, has completed its mission and will exit the stage of history under regulatory guidance.
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