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Baidu says it will offer asset management products through payment arm
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BAIDU, China's largest Internet search engine operator, said it will team up with China Asset Management Co Ltd to launch asset management products.
The products will be available to registered users of Baifubao, its online payment arm, as it joins other Internet giants in offering financial services to grassroots web users.
The first phase of sales of the product will be launched on October 28 and is expected to have an annualized investment yield of about 8 percent, Baidu said in a statement today.
It will have no minimum requirement for subscribers and also allows real-time redemption.
Baidu became the latest company to extend its service to the finance sector after Alipay became the trailblazer in selling money-market funds through its payment platform earlier this year.
Yu’E Bao, the mutual fund launched by Alipay and Tian Hong Asset Management Co, has attracted 16 million subscribers with an accumulative subscription volume of 130 billion yuan (US$21 billion).
Zhejiang Alibaba E-commerce Co, the parent company of Alipay, controlled by Alibaba Group founder Jack Ma, became Tian Hong's controlling shareholder earlier this month.
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