14 February 2016

Web giant Baidu seeks China banking license

07 March 2014  |  4804 views  |  0 Chinese flag

Chinese search engine provider Baidu is accelerating its move into financial services, forming a partnership to apply for "multiple banking licenses".

According to Reuters, chief executive Robin Li told reporters "Baidu is now applying for multiple banking licenses, including payment, but because we're still in the process of applying it's not convenient to reveal too much".

Baidu and fellow Web firms Tencent and Alibaba have moved into wealth management services over the last few months, signing up millions of Chinese attracted by higher interest rates than banks are allowed to offer.

"What Baidu does at the moment is market financial products. This is just a more convenient way of selling currently available financial products to an audience," said Li.

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

12 December, 2013
19 July, 2013
16 April, 2013

Top topics

Most viewed Most shared
UK sets out open banking API frameworkUK sets out open banking API framework
16867 views comments | 108 tweets | 91 linkedin
Deutsche Bank calls for co-operation with fintech firms on B2B servicesDeutsche Bank calls for co-operation with...
9384 views comments | 30 tweets | 30 linkedin
How to accelerate your fintech startupHow to accelerate your fintech startup
9094 views comments | 36 tweets | 10 linkedin
Is Paym a failure?Is Paym a failure?
7425 views 16 comments | 23 tweets | 16 linkedin
Visa issues API to offer consumer control over card transactionsVisa issues API to offer consumer control...
6748 views comments | 17 tweets | 28 linkedin

Featured job

to $120K base, double OTE, benefits
New York City, NY or Boston, MA (USA)

Find your next job