360buy to set up financial services

360buy.com, the nation's second-largest business to consumer e-commerce website, signed a strategic cooperation agreement with Bank of China on Tuesday to collectively set up a financial service platform supporting its supply chain partners.

360buy, which receives tens of billions of yuan in revenue every year, will utilize its business credit as a guarantee to help various product suppliers, mostly medium- and small-sized enterprises, to get loans from Bank of China.

The move will relieve financial pressure on 360buy's partners by receiving money faster and shortening their product cycles. Zhao Guoqing, chief strategic officer of 360buy.com, said it will also help the company to have a stable product supply and achieve a healthy operation.

Founded in 2004 in Beijing, 360buy has grown into a leading player in China's B2C industry. The company has seen an annual growth rate of more than 200 percent during the past five years. It had nearly 30 billion yuan ($4.7 billion) in sales last year.

shenjingting@chinadaily.com.cn