(Yicai Global) Nov. 23 -- Citic aiBank, a joint venture between Baidu and China Citic Bank, will bring in investors to the fintech endeavor once the time is right.
"We plan to introduce the strategic investors according to the needs of business growth to promote the bank's sustainable and healthy development," state-backed The Paper reported, citing Li Rudong, the governor of the Beijing-based JV, which operates a lending business.
The bank launched its Hetu Smart Risk Control Platform last year. "The smart risk control system is exactly the reason why China CITIC Baixin Bank can lend its money to small and micro-sized corporate clients," Li said, referring to a system that vets a loan applicant's credit background and any existing liabilities to assess risks.
Since the beginning in November last year, the total amount of loans issued by the bank has reached CNY63.6 billion (USD9.2 billion) as of at the end of October, Li said. Some 190,000 small and micro-sized firms borrowed CNY9.1 billion in total.
Citic aiBank has been working with artificial intelligence and cloud banking, and it will extend its "Financial Brain" and other fintech solutions to the whole sector in future, Li added.
Editor: Emmi Laine