The partnership was approved by the regulators earlier in 2017, and has now open its virtual doors for business. China CITIC Bank owns 70% of AiBank, Baidu 30%. The start-up’s main focus will be on consumer and SME lending and will leverage modern technologies, such as artificial intelligence (AI) and big data.
Earlier in 2017, Baidu has inked a deal with PayPal to tap overseas merchants as Chinese tech companies were ramping up the fight for overseas payment partnerships.
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