Baidu’s fintech spinoff has executed an agreement with the Liangjiang New District of Chongqing municipality to drive growth of the local fintech sector.
On 26 September Du Xiaoman Financial executed an investment agreement with the Chongqing Liangjiang New District (两江新区).
Du Xiaoman CEO Zhu Guang (朱光) said Du Xiaoman would provide fintech services and employ its artificial intelligence advantages to drive the development of the finance sector in both Chongqing and the Liangjiang New District.
Du Xiaoman first began to launch operations in the Liangjiang New District in 2015, providing its services to over 600 financial institutions.
The finance sector is one of the five key service industries that the Liangjiang New District authorities are hoping to development.
In 2018 the added value of Liangjiang New District’s financial sector saw 15.2% growth, while the sector itself accounted for a 19.6% share of GDP.