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Business trends

Baidu's fintech spinoff pitches aggressive expansion plan

Financial arms of China's internet kings push back as Beijing tightens rules

Staff members at the Baidu booth during a recent technology conference. The company's financial arm looks to tap into China's growing financial services market.   © Reuters

HONG KONG -- Financial services have become the new battlefield for internet heavyweights in China, as peers such as Alibaba Group Holding, and Baidu leverage their enormous databases to offer e-wallets, loans and wealth management products through their financial arms.

Private equity investors are also bullish on the new fintech companies backed by China’s internet mammoths, even as Beijing toughens regulations on the nascent industry.

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