Baidu Unveils Financial Service Platform to Compete with Rivals
Baidu is planning to introduce a new financial product when the company unveils its financial service platform as part of their effort to compete with its rivals that are moving aggressively. Baidu said that the product which targets 8 percent of annual returns in cooperation with China Asset Management Ltd. of Hong Kong.
Eventually Baidu will be cooperating with other financial companies and offer investment opportunities to customers that uses the keyword finance on the company’s search engine. Its new service platform will start its operations on October 28 just after Alibaba and Tencent Holdings increased their reach to connect to the large number of users that wants to investment with other financial products. Last week alone Alibaba’s affiliate in the financial sector agreed to fully cooperate with financial companies to further expand offerings of its financial products.
Company executives have also downplayed questions on China’s finance regulators that are hindering the moves of these private internet firms that are shareholders in a consortium that was created to seek banking license from the government.