- Internet companies are continuing to shake up China's financial sector, offering mobile payments, wealth management and peer-to-peer lending.
- Baidu (NASDAQ:BIDU) is set to announce that it will partner with Citic Bank (OTCPK:CHCJY) to launch an online lender, even as similar ventures by rivals failed to meet expectations.
- In January, Tencent launched the country's first online-only bank, WeBank, while the financial affiliate of Alibaba, Ant Financial, followed with its own - MyBank - in June.