Alibaba Group, parent of B2B giant Alibaba.com (1688.HK), has been issued a license to provide small business loans to mainland companies, the South China Morning Post reported. "We are the first e-commerce enterprise in China with a license to provide microfinance loans to small business," group vice-presiden John Spelich said. Spelich said more details regarding the new lending license would be release at a later date. The Hangzhou-based company also announced yeseterday that it will invest US$732 million over the next five years to upgrade and expand overseas operations of Alipay, China’s largest online-payment service.
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