Tag Archives: Baidu

China Citic, Baidu launch direct bank in fintech push
November 18, 2017 12:00 pm|Comments (0)

BEIJING (Reuters) – China Citic Bank Corp (601998.SS) and search engine giant Baidu Inc (BIDU.O) launched on Saturday a direct banking joint venture, dubbed AiBank, to capitalize on China’s rapidly growing fintech sector.

FILE PHOTO: A man stands in front of CITIC bank’s branch in Beijing, China, March 23, 2016.REUTERS/Kim Kyung-Hoon

AiBank is one among several tie-ups between an internet firm and a lender in China’s booming online finance market where technology gurus like Alibaba Group Holding Ltd (BABA.N) and Tencent Holdings Ltd (0700.HK) have already set up their own finance arms to offer a range of financial products including payment, wealth management and micro loans.

A direct bank offers services over the internet instead of through physical branches.

AiBank will focus on lending to individuals and small businesses while leveraging big data and artificial intelligence to build new risk control models, Li Rudong, president of the new bank said at a launch event in Beijing.

Li said 60 percent of the new bank’s employees will be technology staff.

“AiBank is the future of intelligent finance…It is an institution that understands customers best and understands finance best,” said Baidu Chief Operating Officer Lu Qi.

Mid-tier lender Citic Bank owns 70 percent of the joint venture, while Baidu controls the remaining 30 percent. The direct bank has a registered capital of 2 billion yuan.

China’s banking regulator approved the establishment of AiBank earlier this year.

Reporting by Shu Zhang and Elias Glenn; Editing by Muralikumar Anantharaman

Our Standards:The Thomson Reuters Trust Principles.

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Here's How Baidu Can Benefit From Its Partnership with nVidia In Self-Driving Cars
September 10, 2016 4:50 am|Comments (0)

This platform, which combines NVidia’s architecture with Baidu’s cloud computing, mapping and artificial intelligence expertise, can provide the …


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Microsoft pact makes Baidu the Edge browser’s default search engine in China
February 1, 2016 12:05 pm|Comments (0)

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Microsoft has announced a new partnership with Baidu, the hugely popular Chinese search engine. In China, Baidu.com will be the default home page and search engine for the new Microsoft Edge browser. Additionally, Baidu will deliver Universal Windows Applications for search, video, cloud and maps for Windows 10. The company plans to deliver a customized experience for Baidu’s more than 600 million users, featuring local browsing and search. Microsoft will make it easy for customers to upgrade to the official Windows 10 via a Baidu “Windows 10 Express” distribution channel. Microsoft isn’t abandoning Bing in China in its support for Baidu. According to Yusuf…

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Microsoft, Baidu Deal Drives Windows 10 Adoption
November 16, 2015 7:05 am|Comments (0)

Microsoft announces a partnership with China’s Baidu to broaden Windows 10 adoption in the world’s most populated country.


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