Chinese e-commerce group Alibaba plans this year to start granting credit in Brazil, according to statements from the founder and chief executive Jack Ma, quoted by Brazilian newspaper O Estado de São Paulo.
In a speech at the United Nations premises in Geneva, Switzerland, Ma did not specify how he planned to enter the credit market in Brazil saying only “we want to invest in e-commerce, logistics and financing.”
The Alibaba group, which entered the market in 2014, in Brazil owns the site AliExpress.com for retail and Alibaba.com for wholesale, and at one point had 2.5 million registered users.
The Sao Paulo newspaper reported, however, that the group faced challenges in the Brazilian market, particularly those relating to the supervision of trade in counterfeit goods and also logistical difficulties, which made some deliveries take up to three months to reach consumers.
In China, the group created “e-Credit Line,” a credit line launched in conjunction with the Bank of China and Sinosure (China Export & Credit Insurance Corporation) to fund purchases on the site up to a maximum of US$5,000 and also Ant Financial, a group company focused on microcredit, small business loans and payments. (macauhub)