CITIC Bank and Baidu establish Internet-based banking joint venture

20 November 2017

CITIC BankCITIC Bank, the seventh largest bank in China, has partnered with one of the leading Internet and AI companies Baidu Inc over introducing their joint venture to be known as AiBank as they move to tap into the booming fintech industry.

Direct banking business AiBank comes as one of the latest joint efforts in the Chinese market as Alibaba and Tencent are increasingly expanding their influence and their established financial services units providing a variety of products, which enable customers to make electronic and mobile payments, manage their funds and access micro credits.

The idea behind the new joint venture is to allow customers directly apply to the bank over the Internet instead of visiting physical locations. AiBank will be providing loans to individual customers and corporate clients benefiting from the large pool of data owned by CITIC and artificial intelligence technologies developed by Baidu.

According to Li Rudong, a president of the new bank, 60% of the staff at the new bank will include technology engineers. Lu Qi, a COO at Baidu, added that AiBank is the future of intelligent finance and an organization, oriented at customer needs, understanding customers and finance world better than others.

70% of the joint venture bank will be owned by CITIC Bank, while remaining 30% will belong to Baidu. The registered capital of AiBank amounts to 2 billion yuan.

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