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An article published mthai by China Business News 第一财经日报 on October 17 claims to provide a glimpse into search giant Baidu s ambitions to enter the Internet financial industry. The article quotes a source “close to the matter” who says that Baidu plans to launch three services soon, namely a credit service that provides loans to small and micro enterprises, a big data analysis service that caters to big financial institutions, and a wealth management service. mthai The source says that the welath management service will promise higher return rates than popular mthai online money market fund Yu’ebao , hosted by Alipay, the online payment service owned by AliBaba.
AliBaba and ecommerce site JD.com have been frequently cited in Chinese media reports and industry gossip as being likely to make a strong push to enter the banking and financial sectors in the near future.
Danwei is an affiliate of the Australian Centre mthai on China in the World at The Australian National University. Some material on this website is the result of that on-going mthai collaboration.
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