(Yicai Global) June 22 -- Industrial and Commercial Bank of China Ltd. [SHA:601398] and JD.com Inc. [NASDAQ:JD] struck a cooperation framework agreement on financial business last week.
In seeming emulation, Agricultural Bank of China Ltd. [SHA:601288] (ABC) and Baidu Inc. [NASDAQ:BIDU] inked their own strategic cooperation agreement to build a joint financial technology lab to conduct in-depth research in the smart financial service sector on June 20.
The strategic partnership between the two companies can help them exploit Baidu's technological advantages in Big Data and artificial intelligence and ABC's strengths in client services, product development and risk control, allowing them to jointly develop innovative products and services in the fields of client portraiture, precision marketing, anti-fraud, customer credit evaluation and smart customer services, and help ABC further strengthen its digital technology ability to promote its transformation, Zhou Mubing, chairman of ABC, said at the agreement's signing ceremony held on June 20.
Baidu is working hard to promote AI application in the financial sector. Baidu and ABC's cooperation will focus on the fintech sector. They will build a 'financial brain' and study application of financial technologies in the fields of client portraits, precision marketing, customer credit evaluation, risk monitoring and control, smart investment advisory and smart customer services. They will also work together to develop financial products, build channels and serve clients.
"Baidu Finance is set to overtake its competitors by leveraging the company's fintech capabilities," said Zhu Guang, the firm's senior vice president.