Internet giant Alibaba and China CITIC Bank Corp jointly launched Baixin Bank this week, competing with Tencent and Baidu Inc to offer financial services to consumers in China. Hu Qichi, a PR representative from Baidu said that subject to regulatory approval, Baixin Bank hopes to offer money management products to individuals as well as lend to consumers and small and medium-sized enterprises (SMEs). We expect this venture to underpin future robo-advisory services.
Internet giant Baidu Inc and China CITIC Bank Corp jointly launched Baixin Bank this week, competing with Tencent and Alibaba to offer financial services to consumers in China. Hu Qichi, a PR representative from Baidu said that subject to regulatory approval, Baixin Bank hopes to offer money management products to individuals as well as lend to consumers and small and medium-sized enterprises (SMEs). We expect this venture to underpin future robo-advisory services.