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Leading Chinese search engine Baidu to open own bank

A Chinese company Baidu, which owns a leading eponymous search engine in China, has obtained permission from authorities to open an online bank in Beijing. It is reported by IBS Intelligence Portal.

The new institution will be called Baixin Bank. A Chinese bank China CITIC Bank will also participate in the development of this project. It does not specify when the project will be launched.

Services, which Baixin Bank is planning to provide, are lending to individuals and small businesses and sale of investment products as well. The Chairman of China CITIC Bank Li Qingping explained that the market positioning of the new bankwould be to help people better manage their assets.

Another Chinese e-commerce giant Alibaba Group launched its mobile banking called Mybank in 2015. In that same year, an Chinese Internet provider Tencent developed a similar service called Webank. Baidu is the most popular search engine in China. It ranks second after Google by the number of processed requests.

Source: news.rambler

  • January 20, 2017 4:57 PM MSK