Baidu Cooperates With China Citic Bank to Build New Bank & 1% up Profit Return of Baifubao
Source: View: 270 Date: 2015-11-18

According to information on November 18th, Baidu cooperating with CITIC Group published strategic cooperation in Diaoyutai State Guesthouse, Baidu will cooperate with China Citics Bank belong to CITIC Group to set up Baixin Bank. According to content of notice from CITIC Group in evening of November 17th, this cooperation will be invested 2 billion RMB  tentatively.

Li Yanhong, Chairman of the board & CEO of Baidu indicates that in the era of mobile internet, “connecting human beings and services” has become strategic development point for Baidu. Then Baixin Bank recently established will let Baidu to achieve historical improvement in financial service area. Li Yanhong said although there are some accidents in industry, Baidu has planned many years to cooperate with China Citics Bank not an impulsive decision. “I hope the mode of Baixin Bank can provide a valuable sample and example for internet finance in China.”

Chang Zhenming, the Chairman of board of China Citics Bank puts forward “this cooperation to set up direct bank not only symbolizes further cooperation between two sides, but also is a good attempt of full integration between traditional banks and internet enterprises. I believe under hard work of two sides, new direct bank will fully play advantages of two sides to form strong integration of ‘finance + internet’, to meet gradually increasing financial service demands of wide users and micro & small enterprises that make contributions for developing preferential finance and supporting development of real economy. ”

Baidu cooperates with China Citics Bank to set up Baixin bank to provide complementary advantages for abilities of each other in customer service, product development and risk control. According to introduction, especially in the aspect of capital risk control, Baixin Bank will achieve more advantages based on China Citics Bank.

According to introduction, in “the 13th Five-Year’s Schedule” recently published by the State of Council, internet finance firstly has been written in domestic five-year’s planning and has improved as national strategy. Both of China Citics Bank and Baidu also indicate they will strictly accord with relative requirements of regulatory departments to set up direct bank and will implement it after approved by regulatory departments.

Besides that, on the day of publishing information, Baidu and China Citics Bank also promote a preferential finance measurement from each other: the third-party platform of Baidu—Baifubao published to formally launch “perennial cash back planning” – customers can immediately achieve 1% up cash back if they use Baifubao to pay money, and this planning will be continue throughout the year.

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