China’s internet giants have expressed a willingness to cooperate rather than compete with the nation's traditional financial institutions. The Chinese government has also been trying to encourage more private investment in its own tech sector, which is still dominated by state-owned enterprises. Meanwhile, Zhang Xuyang, VP of Baidu, said the company’s search engine, which responds to six billion searches each day could do more to match investors with suitable investment portfolios.
China’s internet giants have expressed a willingness to cooperate rather than compete with the nation's traditional financial institutions. Speaking at the Inaugural China Fintech Conference in Beijing, Lai Zhiming, VP at Tencent, who’s wealth-management arm has helped connect fund companies with 60 million customers since it went online in January 2016, said the company wants to connect its finance cloud to more traditional players to help them save costs and serve customers. Meanwhile, Zhang Xuyang, VP of Baidu, said the company’s search engine, which responds to six billion searches each day could do more to match investors with suitable investment portfolios.