China’s Baidu heats up competition with securities investment fund license

China’s financial regulator has approved Baidu for the “securities investment fund sales business”, according to a posted release. The approval by the China Securities Regulatory Committee means that Baidu will need to complete “preparatory work” within six months. After that, it will need to make further applications before the acquisition of a license. Obligations include: strictly following regulations, strengthening risk prevention, strictly managing sales behavior, and effectively protecting the legitimate rights and interests of investors.

In April, Baidu spun out its financial service business for $1.9 billion: investors were led by TPG and The Carlyle Group. In a statement at that time, Guang Zhu, CEO of the spun-out entity, Du Xiaoman, said: “In the coming age of fintech, Du Xiaoman will leverage the technological capabilities of Baidu AI to partner with financial institutions and provide technology-driven, trustworthy financial services to consumers in China.”

Read the release

Related Posts

Previous Post
Blockchain coalition creates “reserve standard” for decentralized assets
Next Post
Thomson Reuters supports Trax MiFID II reporting and SI determination services with comprehensive data

Fill out this field
Fill out this field
Please enter a valid email address.

X

Reset password

Create an account