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CITIC Bank and Baidu Received Regulatory Approval for New Intelligent Bank

CITIC Bank and Baidu Received Regulatory Approval for New Intelligent Bank

CITIC aiBank, a new online bank that will be powered by Baidu’s artificial intelligence,  has received regulatory approvals to start operations in China.  The new bank is a joint venture between China CITIC Bank (70%) and Baidu (30%).

” CITIC Bank and Baidu starts New Online Bank “

Without any physical branches, the new bank will focused on individuals and small & micro businesses, cards, bancassurance and interbank business. In 2014, China’s tech giant Tencent had entered in to banking with the setup of Webank while in 2015, Alibaba commenced operations of MYbank (Zhejiang E-Commerce Bank).

Source: South China Morning Post, China Daily

 

About Baidu

Baidu was co-founded in 2000 by Internet pioneer Robin Li, creator of visionary search technology Rankdex, a method of hyperlink analysis. We provide our users with many channels to connect to information and services. In addition to our core web search product, we power several popular community-based products. These include Baidu PostBar, the world’s first and largest Chinese-language query-based searchable online community platform; Baidu Knows, the world’s largest Chinese-language interactive knowledge-sharing platform; and Baidu Encyclopedia, the world’s largest user-generated Chinese-language encyclopedia.

Visit: www.baidu.com

 

About China CITIC Bank

CITIC Bank is the largest subsidiary of CITIC Group. Founded in 1987, CITIC Group is one of the earliest emerging commercial banks established in China’s reform and opening up. It is one of the earliest commercial banks to participate in financial market financing both at home and abroad. In the history of China’s modern finance Many first and renowned at home and abroad, for China’s economic construction has made a positive contribution.

CITIC Bank and its subsidiaries offer banking services to customers in China and overseas and is listed in Hong Kong (SEHK: 998) and Shanghai (SSE: 601998).  CITIC Limited (SEHK: 00267) is China’s largest conglomerate and a constituent of the Hang Seng Index.

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