Baidu rebrands online finance service, introduces loans


baidu finance

Baidu today officially rebranded its financial services branch (hat-tip to Techweb) changing the name from “Baidu Licai” to “Baidu Jinrong” (both of these can be translated to “Baidu Finance”).

The name change comes with a slew of upgrades for the search giant’s financial platform, including a new personal loan service. Users can borrow up to ten times their monthly income and pay it back over a maximum of three years. Baidu is limited to 500,000 concurrent applications, which are divided into credit loans and mortgages. Baidu claims it can approve a loan application in as little as five minutes.

It also comes with a new “interactive finance” dashboard so users can monitor their loans and other finances on desktop and browser.

See: Baidu dives into China’s mobile payments war, jabs Alibaba with launch of Baidu Wallet

Baidu Finance has seen strong growth so far, exceeding RMB 30 billion (US$4.8 billion) in daily transactions in December last year, up RMB 20 billion (US$3.2 billion) from October.

In addition to loans, Baidu plans to launch a mobile payment insurance service that will reimburse customers up to RMB 100,000 (US$16,000) annually if their payment information is compromised and it results in a monetary loss. The program is set to go live in May, and users pay per device.

Editing by Steven Millward
(And yes, we're serious about ethics and transparency. More information here.)

Read More