An article published 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. The source says that the welath management service will promise higher return rates than popular 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.
In other Baidu news, the company has began accepting Bitcoin as payment for Baidu Jiasule, an anti-DDOS service and content delivery network.
Companies and brands affected
AliBaba (privately held)
JD.com (privately held)
Links and sources
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