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This article was published on December 6, 2013

    Chinese online retailer Jingdong wants to loan money to its suppliers to help them grow faster

    Chinese online retailer Jingdong wants to loan money to its suppliers to help them grow faster Image by: Samir Hussein
    Kaylene Hong
    Story by

    Kaylene Hong

    Kaylene Hong was Asia Reporter for The Next Web between 2013 and 2014, based in Singapore. She is bilingual in English and Mandarin. Stay in Kaylene Hong was Asia Reporter for The Next Web between 2013 and 2014, based in Singapore. She is bilingual in English and Mandarin. Stay in touch via Twitter or Google+.

    jd-new-logo-1Having a constant and dependable supply of goods is one of the key factors to any online retail business. In a bid to ensure a solid supply chain, Chinese e-commerce company Jingdong announced today a new financing service called “Jing Bao Bei” for its suppliers, which promises a financing approval process that takes less than three minutes.

    Whether or not that turns out to be true remains to be seen. However, the fact that Jingdong — which operates the site JD.com — is keen to see its suppliers get their hands on funds speedily to grow their businesses, is an indication of its commitment to ensuring the efficiency of its supply chain.

    More than ten thousand of Jingdong’s suppliers can apply for financing from the company without any form of guarantee or mortgage, with the whole application process done online. Suppliers can decide the amount of financing and repay time, with the longest period being 90 days.

    Thumbnail image via Samir Hussein/Getty Images