Following Alibaba, Tencent’s footsteps China’s Baidu, CITIC in JV for Internet bank

Women walk past the logo of the 2015 Baidu World Conference in Beijing, China, September 8, 2015. REUTERS/Kim Kyung-Hoon

Chinese Internet search giant Baidu Inc and China CITIC Bank Corp will set up an Internet banking joint venture, the 21st Century Business Herald reported on Tuesday, following in the footsteps of other domestic tech firms.

The report, which cited unidentified sources, did not give any further details on the planned venture. Some other Chinese media also reported on the plans.

On Monday, CITIC halted trading of its Shanghai-listed shares pending the release of an announcement in relation to a proposed external investment.

Baidu rivals Alibaba Group Holding Ltd and Tencent Holdings Ltd  have both set up online-banking joint ventures. But these have run into regulatory roadblocks, due to a lack of physical locations required by regulators for certain services.

Even after the Baidu-CITIC joint venture is established, the new firm would still need to apply for a banking licence.

Spokespeople for Baidu and CITIC declined to comment.

Also Read:

Baidu to boost spending on India, Indonesia as mobile sales boom

CITIC Capital to list subsidiary on Beijing’s New Third Board

Tencent, eBay join Kakao bid for new South Korean Internet bank

(Editing by Muralikumar Anantharaman)

Reuters

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.