Baidu Gains Approval for Baixin Bank

One of China’s e-commerce giants, Baidu, has obtained regulatory approval for Baixin Bank; follows banking sector business activity from competitors Alibaba and Tencent; the banking unit will be digital only, offering online banking, telephone banking, ATM and mobile banking services; Baidu owns 30% of Baixin Bank and will work in partnership with China CITIC Bank which currently owns 70% of the bank.  Source