A bank jointly set up by Chinese Internet giant Baidu Inc and CITIC Bank has received approval from the China Banking Regulatory Commission, becoming the first direct sale bank in China, which offers online banking services.
CITIC and Fujian Baidu Bo Rui Netcom Science and Technology Co hold 70 percent and 30 percent of the new Baixin Bank, respectively, according to media reports. The total registered capital is 2 billion yuan ($300 million), CITIC said in a statement on Tuesday.
Other domestic Internet giants such as Alibaba Group Holding and Tencent Holding have been moving into fintech by providing services such as third-party payments and small loans.
