Chinese search engine Baidu’s recent bid for multiple banking licenses could well be the opening salvo to a battle between private banks and technology firms masquerading as aspiring financiers. Even as technology giants such as Alibaba, Baidu and Tencent continue to offer China’s moneyed high-yield wealth management products, Asian Private Banker asks if the internet finance sector’s growing ambition cause…
US$65 billion in eight months: Move over private banks?
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