Ron Burgundy Posted March 7, 2014 Share Posted March 7, 2014 Baidu Inc has formed a partnership to apply for a private banking license, as China's biggest search engine provider moves from acting as a store front for money market funds to a certified financial institution. Baidu and other Chinese Internet companies such as Tencent Holdings Ltd and Alibaba Group Holding Ltd have offered wealth management products since last year. They have attracted millions of investors thanks to interest rates on consumer deposits that are higher than those offered by banks, which are subject to a cap of 3.3 percent for one-year savings. View the full article Quote Link to comment Share on other sites More sharing options...
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