Tech giant Baidu is teaming up with north-eastern online lender Yillion Bank to explore new models for internet finance.
On 24 April Baidu Cloud Compute (百度智能云), Yillion Bank and Baidu fintech-spin-off Du Xiaoman Financial held a ceremony for the launch of strategic cooperation in Beijing.
Under the cooperative framework Baidu Cloud Compute will provide “AI+Cloud” capability to Yillion’s financial operations and services, and Du Xiaoman will use its own channels and customer resources to provide support to Yillion.
The parties hope that the cooperative arrangement will enable Yilion Bank to create a “new model for the smart upgrade of Internet banking.”
“In 2019 Baidu Cloud Compute and Yillion Bank achieve multiple cooperative successes in the areas of AI platforms, fingerprint recognition and NLP,” said Li Shuo (李硕), Bai Cloud Computer vice-president.
“We are extremely optimistic about the implementing of cooperation in future.
“Baidu Cloud Computer and Du Xiaoman have always been ‘tiger-fighting brothers,’ and cooperation between both parties with Yillion Bank will enter a new, even closer ‘iron triangle’ state, which will raise strategic cooperation to a new height.”
Yillion Bank was established in May 2017 in Jilin province and is the first private-bank in north-eastern China, as well as one of the first four online banks to obtain licensing from Chinese authorities.
The lender was founded by Hong Kong-listed food delivery giant Meituan Dianping in collaboration with Zhongfa Jinkong Investment Management Co., Ltd. (中发金控投资管理有限公司).