Date
20 September 2017

Baidu wins fund payment license, paper says

Baidu Inc., China’s biggest search engine, has won a third-party payment license, paving the way for its entry to the booming online personal wealth management market, Shanghai Daily reported Friday, citing the Nasdaq-listed company. Baidu will initially partner with Huawei Securities, Guangfa Securities, Harvest Fund and Fullgoal Fund. It joins Alibaba and Tencent in the nascent third-party fund payment market, directly competing with traditional banks and smaller players. Other companies with such a license are ChinaPnR and China UnionPay, the report said. Baidu has a daily average of 330 million users who visit the site to search finance-related keywords. Its huge user base and dominant presence in internet search makes it a strong competitor in the online fund sales market, Guan Qingyou, vice director of Minsheng Securities’ Research Institute, was quoted as saying.

– Contact HKEJ at [email protected]

RA

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