Looking outside the US fintech sector to bring attention to a BIG DEAL. Know what AiBank is? Thought not. Its short for artificial Intelligence Bank AND its a collaboration of China's Citic Bank and Baidu (giant search engine). AiBank will focus on small businesses lending and will use big data and artificial intelligence to build out risk control models. Put another way; intelligent finance (unlike stupid finance). Now, seeing these combinations, anybody want to bet that there will soon be an "Amazon Bank"? Just thinking.
(Bill Taylor/CEO)
"AiBank is one among several tie-ups between an internet firm and a lender in China’s booming online finance market where technology gurus like Alibaba Group Holding Ltd (BABA.N) and Tencent Holdings Ltd (0700.HK) have already set up their own finance arms to offer a range of financial products including payment, wealth management and micro loans.
A direct bank offers services over the internet instead of through physical branches.
AiBank will focus on lending to individuals and small businesses while leveraging big data and artificial intelligence to build new risk control models, Li Rudong, president of the new bank said at a launch event in Beijing.
Li said 60 percent of the new bank’s employees will be technology staff.
“AiBank is the future of intelligent finance...It is an institution that understands customers best and understands finance best,” said Baidu Chief Operating Officer Lu Qi..."
Full Story at Reuters