China Citic, Baidu launch direct bank in fintech push
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.