The municipal government of Yiwu, in Zhejiang Province in China announce partnership with Alibaba Group to develop a Digitized Comprehensive Bonded Zone under the eWTP (electronic World Trade Platform) framework.
- Digitalization will make cross-border e-commerce more accessible to small and medium-sized enterprises (SMEs) at the worlds largest wholesale market
A core part of the new initiatives is a joint venture between Alibaba Group and Yiwu-based China Commodities City Group to develop the eWTP cross-border trade service platform of Yiwu.
- This one-stop platform will offer SMEs digitized trade services, including customs clearance, foreign exchange settlement and tax procedures.
The major investments and expansions by Alibaba Group are featured below:
June 2020: Alibaba Group announced that its data intelligence company Alibaba Cloud, will invest US$283 million during this fiscal year to empower global partners and accelerate joint innovations in the post-pandemic era.
May 2020: Alibaba Group Holding Limited has contributed approximately $480 million to support the global fight against Covid-19. The support includes waiving the operating fee for merchants, providing financial support and low- or zero-interest loans, opening up Alibabas digital service capabilities and offering flexible employment opportunities.
December 2019, Industrial and Commercial Bank of China (ICBC), Alibaba Group (Alibaba), and Ant Financial Services Group entered a comprehensive strategic partnership to enhance the services available to users by deepening their level of cooperation in the key areas of fintech and financial services.
November 2019, Alibaba Group sign agreements with Government of Ethiopia to Establish eWTP Ethiopia Hub. The eWTP (electronic world trade platform) Hub is intended to enable cross-border trade, provide smart logistics and fulfillment services, assist Ethiopian small and medium-sized enterprises (SMEs) to reach China and other markets, and provide talent training.
About Alibaba Group
Alibaba Group is one of the leading e-commerce multinational conglomerate, based in China. Alibaba businesses are comprised of core commerce, cloud computing, digital media and entertainment, and innovation initiatives. Alibaba is acquiring a 33% equity stake in Ant Financial, which will provides payment and financial services to consumers and merchants on Alibaba’s platforms.
An ecosystem has developed around Alibaba platforms and businesses that consists of consumers, merchants, brands, retailers, other businesses, third-party service providers and strategic alliance partners.