[ET Net News Agency, 11 February 2020] Alibaba Group (09988) announced 20 measures to
help the merchants amid the coronavirus outbreak. The measures include offering waivers or
reductions of service fees, providing financial assistance, as well as other special
assistance in six major areas.
MYbank, an online bank brand under Ant Financial, will provide 12-month loans totalling
RMB10 billion to online merchants from Hubei Province registered on Taobao and Tmall.
These loans are interest-free for the first three months, and rates will be lowered by 20%
from the current level for the remaining nine months.
MYBank will also provide 12-month loans totalling RMB10 billion to Taobao and Tmall
merchants from outside Hubei, with interest rates also lowered by 20%.
Taobao, Tmall and Cainao have co-launched a RMB1 billion fund to support the supply
chain and logistics service. (KL)