China Citic, Baidu launch direct bank in fintech push

Wednesday, November 22, 2017

China Citic Bank Corp and search engine giant Baidu Inc launched on Saturday a direct banking joint venture, dubbed AiBank, to capitalize on China’s rapidly growing fintech sector.

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 and Tencent Holdings Ltd 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.

Photo courtesy of Ava Systems.

Source: Reuters (link opens in a new window)

digital payments, fintech