The largest Internet firms in China now own digital banks as subsidiaries! The leaders in one sector of the economy trying to take over another sector!!
Chinese search engine and Internet company Baidu Inc. said it had obtained regulatory approval to establish a direct banking unit in partnership with China CITIC Bank. Baixin Bank, which is 70% owned by CITIC Bank, with the remaining held by Baidu, will not have any brick-and-mortar outlets. It will…
Source: Baidu Follows Alibaba And Tencent To Enter China’s Banking Sector – China Money Network
