Chinese Internet search company Baidu is set launch an online wealth management platform next week in conjunction with China Asset Management.
The move is part of the company’s strategy to move away from advertising business to better compete against Alibaba and Tencent Holdings.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The new platform, Baidu Finance Center, will aim at producing an annual yield of 8% for depositors, according to Reuters.
For decades Chinese finance sector has been primarily dominated by state-owned banks but their monopoly is now challenged by technology firms as they have acquired licences to build financial services platforms to offer web users mutual funds, loans and insurance.
Recently, e-commerce firm Alibaba and Internet services company Tencent have won licences to build financial services platforms.
In June this year, Alibaba’s online payment affiliate Alipay launched a money market fund with Tianhong Asset Management that attracted 16 million users.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
