China-based search engine Baidu has, reportedly, established a partnership to apply for "multiple banking licenses", as part of its strategy to strengthen its presence in the country’s banking sector.
Baidu and other Chinese Internet firms, including Tencent Holdings and Alibaba Group Holding have been providing wealth management products since 2013.
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Baidu chief executive, Robin Li, was quoted by Reuters as saying, "Of the businesses the Internet will topple they naturally include finance."
"Baidu is now applying for multiple banking licenses, including payment, but because we’re still in the process of applying it’s not convenient to reveal too much.
"What Baidu does at the moment is market financial products. This is just a more convenient way of selling currently available financial products to an audience," Li added.
Meanwhile, Chinese Premier, Li Keqiang, said, "We will promote the healthy development of Internet banking, improve the mechanism for coordinating financial oversight, keep a close watch on the cross-border flow of capital, and ensure that no systemic or regional financial risks occur."
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