25 February 2017
Visit experienceinfosys.com

Web giant Baidu seeks China banking license

07 March 2014  |  5250 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)

Finextra news in your inbox

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

Related stories

Chinese central bank drafting new mobile payment rules

Chinese central bank drafting new mobile payment rules

12 December 2013  |  4287 views  |  0 comments | 7 tweets | 6 linkedin
China's Sina plans online banking service

China's Sina plans online banking service

19 July 2013  |  4519 views  |  0 comments | 2 tweets
China's Alipay pilots sound wave mobile payments

China's Alipay pilots sound wave mobile payments

16 April 2013  |  6436 views  |  0 comments | 7 tweets | 3 linkedin

Related blogs

Create a blog about this story (membership required)
http://www.financialcrimerisk.fiserv.com/aml?r=finextra

Who is commenting?

Top topics

Most viewed Most shared
EBA to relax controversial PSD2 authentication rulesEBA to relax controversial PSD2 authentica...
12225 views comments | 51 tweets | 72 linkedin
RBS to become fintech fund and high street outlet for challenger banks under HMT remedyRBS to become fintech fund and high street...
8336 views comments | 40 tweets | 34 linkedin
High rate of defaults hit P2P lending sectorHigh rate of defaults hit P2P lending sect...
6636 views comments | 18 tweets | 13 linkedin
hands typing furiouslyDecoding the Policy Impact of India's Unio...
6503 views 0 | 13 tweets | 2 linkedin
BNY Mellon seeks blockchain experts for new emerging biz and tech teamBNY Mellon seeks blockchain experts for ne...
6415 views comments | 7 tweets | 4 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job