What are the Bank of China and SINOSURE?
As China’s international trading business continues to mature, the ability to buy on credit (i.e. making open account transactions) has become an increasing need for overseas buyers to make purchases from suppliers in China. To serve this need, Alibaba.com (through its affiliate, OneTouch) has jointly launched its e-Credit Line with two government agencies – Bank of China and SINOSURE. With the capital support of Bank of China and the strong capability in claim settlement of SINOSURE, OneTouch is able to provide you with the extended payment terms for products sourced to make your purchase from suppliers in China simple, flexible a convenient.
Introduction of Bank of China:
Bank of China or Bank of China Limited in full, is one of China’s four state-owned commercial banks. Its businesses cover commercial banking, investment banking and insurance. Members of the group include BOC Hong Kong, BOC International, BOCG Insurance and other financial institutions.
Bank of China is e-Credit Line’s major funding partner. It is responsible for providing the capital for the e-Credit Line project.
Introduction of SINOSURE:
China Export & Credit Insurance Corporation (SINOSURE) is a state-funded policy-oriented insurance company. Its business guideline is “by means of insurance service for foreign trade and investment, fully supporting the development of foreign trade and economic cooperation and promoting the economic growth, the employment and the equilibrium of international balance of payment”.
SINOSURE is the insurance services provider for Alibaba.com’s e-Credit Line. It is responsible for investigating the authenticity of e-Credit Line applicants, issuing the financing, and also providing a guarantee for the financing.
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