Baidu plans to obtain a sizeable stake in Shanghai-listed fintech firm Yusys Technologies(宇信科技).
Baidu announced on 7 January that it plans to acquire a 5.7% stake in Yusys for a consideration of 600 million yuan (approx. USD$86 million).
According to Baidu its strategic investment in Yusys will be for the purpose of expediting cooperation in the areas of the financial cloud, big data, artificial intelligence and blockchain technology, as well as driving the large-scale deployment of “Cloud +AI” solutions in the Chinese financial sector.
Yusys was founded in 2006 and is headquartered in Beijing. The company bills itself as one of the largest providers of fintech solutions plans in China, with over 9,000 staff and 27 share-controlled subsidiaries as of the end of 2019.
Yusys has provided it services to the Chinese central bank and the China Development Bank, as well as all six of China’s big state-owned banks and 12 of its joint-stock lenders.