Chinese search engine Baidu announced that it will launch its financial management platform today and its first financial management project 8.baidu.com, which aims at an 8% annualized rate of return, will be available for users.
A representative from Baidu said that this Baidu financial center will cooperate with various financial organizations while integrating its existing search engine resources. They will re-create the design, package, sales, and service of traditional financial products and establish a financial service platform, financial management center and loan center for the Internet masses, providing security, high return rates, and easy-to-operate financial services to customers.
As the first financial management project of Baidu's financial center, 8.baidu.com is jointly with the China Asset Management Company. Aiming at an 8% annualized rate of return, the sales will be limited and fully assured by China National Investment & Guaranty Company. This product allows the lowest investment amount of CNY1 and rapid redemption after purchase, enabling the flexibility of cash flow.
Baidu has been actively developing its financial services. In July 2013, the company's Internet payment tool named Baifubao gained its third-party payment license. In the second quarter of 2013, the company applied to operate a loan business, which has already been approved. At present, its small loan company is being setup in Shanghai with a registered capital of CNY200 million. This company will reportedly focus on small- and micro-enterprises.