Skip to main content

Alibaba makes RNB 20 billion available in loans to Chinese companies hit by coronavirus

by Futures Centre, Feb 21
1 minute read

MYBank, part of the Alibaba Group Holdings affiliate Ant Financial, has responded to the COVID-19 outbreak by announcing RNB 20 billion (USD 2.8 bn) in loans to Chinese companies, of which 50% is ring fenced for firms in Hubei province, where the virus originated.

The preferential terms offered include one-year loans at 0% interest for the first three months, and a 20% discount on interest rates thereafter.

Businesses in China have been hard hit by the virus, with many companies waiting for permission to begin work following the extended Chinese New Year holiday. To avoid large-scale lay-offs, firms have also been told that may not terminate contracts due to virus-related emergency measures.

The move prompts the question, what does it mean to be a responsible business in a time of uncertainty and volatility? How can companies sheltered from a crisis prepare to support those hardest hit, and what benefits are there in acting swiftly?


by Futures Centre Spotted 1994 signals

Have you spotted a signal of change?

Register to receive the latest from the Futures Centre.
Sign up

  • 0
  • Share

Related signals

Our use of cookies

We use necessary cookies to make our site work. We'd also like to set optional analytics cookies to help us improve it. We won't set optional cookies unless you enable them. Using this tool will set a cookie on your device to remember your preferences.

For more detailed information about the cookies we use, see our Cookies page.

Necessary cookies

Necessary cookies enable core functionality such as security, network management, and accessibility. You may disable these by changing your browser settings, but this may affect how the website functions.

Analytics cookies

We'd like to set Google Analytics cookies to help us to improve our website by collecting and reporting information on how you use it. The cookies collect information in a way that does not directly identify anyone. For more information on how these cookies work, please see our 'Cookies page'.