China’s internet giants court cooperation with financial services incumbents
China’s internet giants have expressed a willingness to cooperate rather than compete with the nation's traditional financial institutions. Speaking at the Inaugural China Fintech Conference in Beijing, Lai Zhiming, VP at Tencent, who’s wealth-management arm has helped connect fund companies with 60 million customers since it went online in January 2016, said the company wants to connect its finance cloud to more traditional players to help them save costs and serve customers. Meanwhile, Zhang Xuyang, VP of Baidu, said the company’s search engine, which responds to six billion searches each day could do more to match investors with suitable investment portfolios.

Fintech helps China's internet giants draw their financial roadmaps Updated: 2016-07-11 17:02 By Song Jingli(chinadaily.com.cn)

Baidu Vice-President Zhang Xuyang delivers a speech at the China Fintech Conference 2016 in Beijing, July 10, 2016. [Photo Provided to chinadaily.com.cn]

Baidu Vice-President Zhang Xuyang, who had worked in traditional wealth management sector for more than 10 years before joining the internet giant, said Baidu mainly exports its technologies through its artificial intelligence platform Baidu Brain.

Zhang said the company, which responds to 6 billion search inquires each day, could do more to match investment portfolios with investors with appropriate risk preferences via its technologies including big data analysis.