Baidu Obtains Fund Sales License

Tencent Tech, 4/03/14

Chinese internet company Baidu (Nasdaq: BIDU) has obtained a securities payment license from the China Securities Regulatory Commission (CSRC), according to a recent company announcement. Baidu is now authorized to provide third-party payment settlement services to fund companies and investors.

According to the CSRC site, a total of 15 companies have been awarded fund sales certification by the regulatory agency for third-party fund settlement.

An industry source has revealed that Baidu is currently expending significant energy toward the development of a mobile wallet app that it plans to launch later this year.

Editor's Note: Baidu has previously been awarded an online payment license. For more information on Baidu's license applications, please see "Baidu Seeks Partners for Banking License Application" MD 3/09/14 issue.

Keywords: financial services Internet license Baidu CSRC third-party payment BIDU online payment

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