Taobao has become the first Chinese e-commerce site to offer online finance.

Parent Alibaba is boosting its Internet finance business by offering loans from a range of financial institutions, including Guotai AMC, E Fund and Aegon-Industrial Fund.

Alibaba’s Alipay will provide payment solutions for the online loans.

“These funds shops will provide a one-stop service for buyers to open accounts, place and pay for orders, as well as manage their fund accounts,” said a representative from the Alibaba Group.

“Taobao is an easy-to-use platform for customers to buy funds, with no complex financial terms or complicated procedures,” said Yuan Leiming, GM of the financing department of the Alibaba Microfinance Service Group.

“We are expecting to provide more convenience for ordinary people to manage their money by means of the burgeoning internet finance market.”