Baidu offers financial product to web users
Print Edition
Baidu, China’s largest Internet search engine operator, will join China Asset Management Co Ltd to launch an asset management product for registered users of Baifubao, Baidu’s payment arm, joining other Internet giants in offering financial services to web users.
The product’s first phase sales will be launched on Monday. The product is expected to have an annual investment yield of about 8 percent, Baidu said in a statement yesterday.
The product will have no minimum requirement for subscribers and also allows real-time redemption, similar to the service offered by Alibaba’s payment unit Alipay earlier this year.
Baidu is the latest company to enter the finance sector after Alipay sold a money market fund through its payment platform earlier this year.
Yu’E Bao, the fund launched by Alipay and Tian Hong Asset Management Co, has attracted 16 million subscribers with accumulated subscriptions of 130 billion yuan (US$21 billion).
Online sales channels such as Alipay and other third party payment firms like China PnR usually offer lower rates than commercial banks, and help fund management firms and insurers tap new customers.
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