Alipay To Launch Support Initiatives for Wuhan’s SMEs

Alipay To Launch Support Initiatives for Wuhan’s SMEs

The initiatives will focus on helping SMEs regain lost ground

Superapp Alipay will be rolling out a host of initiatives to support small businesses in Wuhan, with a national rollout planned for later, a statement from the company announced this week.

Small businesses across the world have been hit severely by the COVID-19 pandemic, and inert income streams have forced several to lay off employees or shut shop. China is no exception, and its micro, small and medium enterprises could use a leg up.

Alipay is placing its bets on digitalization to support SMEs in Wuhan, which is just coming out of a two-month lockdown.

Simon Hu, Chief Executive Officer of Ant Financial, said in the statement, “We are committed to supporting SMEs and will continue to provide leading digital technology solutions to support the recovery of small businesses and help them prepare for the future.”

“We firmly believe that, after the COVID-19 outbreak, service providers who are able to tap into the power of digital technologies will come out the strongest,” Hu added.

Run by hectocorn Ant Financial, Alipay started as an online payments app, and has evolved to become a comprehensive digital lifestyle platform.

Through its app, Alipay’s 900 million users will now be able to locate Wuhan businesses from a dedicated landing page section, place orders for local produce, and also view livestreams of Wuhan’s tourist destinations.

Alipay has also jointly launched a “Zero Contact” campaign with Ant Financial’s MYbank, where merchants can apply for loans through the Alipay platform. Interest rates will be waived for 360,000 of Wuhan’s offline micro-merchants in the first month, while interest rates will be hashed by 20% for other Hubei merchants.

Additionally, under a three-year plan unveiled in March this year, Alipay will be launching incentive programs that encourage independent software vendors (ISVs) to take advantage of Alipay’s digital tool kit. In the immediate future, is looking to roll these out to 1000 ISVs who can develop solutions for 5 million storefronts of chain brands.

Alipay expects to generate hundreds of millions of cumulative page views for those chain brands that leverage this incentive program, according to the statement.

Alipay is also looking to support the catering industry through “zero contact” digital solutions that include food ordering, reservations and delivery, as well as service industry workers through free in-app training courses.

Small and medium sized enterprises in China employ nearly 80% of nationwide enterprise employees, and their revenues account for about 68% of the total revenues of companies in the country. Getting them back on their feet is critical to reviving the sluggish Chinese economy.

Header image courtesy of Alizila

SHARE THIS STORY

Share on facebook
Share on twitter
Share on linkedin
Share on email
Sharon Lewis
Sharon is a Staff Writer at Jumpstart

RELATED POSTS

Canva Co-Founder

Canva Co-Founder Becomes the Richest Self-Made Female Billionaire

In a recent valuation, the Australian graphic designing website, Canva, was valued at a whopping US$40 billion. This cements its place as one of the largest privately-owned companies in the world. The company is now the fifth most valuable startup worldwide, closely following SpaceX, Stripe, ByteDance and Klarna.

Major Types of Influencer Marketing

Major Types of Influencer Marketing

Influencer marketing is the shiny new gem in the crown jewels of digital marketing. We have previously discussed the differences between traditional and influencer marketing, as well as the latter’s advantages in the ever-evolving digital landscape.

Squid Game

Squid Game and Its Lessons on Entrepreneurship

With the massive media buzz the South Korean series “Squid Game” has been getting, you would have to live under a rock to not know about it. It is so popular that a South Korean broadband firm has sued Netflix over the surge in network traffic.

What Is Biotechnology

What Is Biotechnology and How to Start a Biotech Company?

To say that Covid has been a biological nightmare for the world is an understatement. In a bid to wake up from it, companies and investors have turned their attention to science, medicine and innovation—or simply, biotechnology. With vaccines and cures becoming the need of the hour, BioTech rose like never before.

Netflix

Netflix Forays into Video Games with Night School Studio Acquisition

On September 28, 2021, streaming service Netflix announced its first game-related acquisition: Night School Studio. The studio is best known for its game “Oxenfree”, which is a supernatural teen thriller. In a bid to diversify its offerings, Netflix has also released five mobile-friendly video games in Europe (i.e. Spain, Italy and Poland).

Chloe NFT

Side-eyeing Chloe NFT Sold for US$76,377.50

In 2013, the then two-year-old Chloe Clems went viral as her hilarious side-eyeing expression made her into a beloved internet meme. In her meme avatar, little Chloe has ruled over the hearts of many a Twitter and Reddit enthusiast and has been dubbed the “Patron saint of Tumblr” by Buzzfeed.