The degree of financing of Xiaodu Financial exceeded 1.9 billion U.S. dollars, led by TPG and Carlyle Investment Group, followed by Taikang Group and Agricultural Finance International. After financing, Xiaoman Financial will continue to increase its investment in technology, open up more platforms and technological capabilities, and increase financial ecological construction.
“Under the Baidu AI Ecological Strategy, I am very pleased to see that financial business has taken the lead in graduating.” Baidu chairman and CEO Li Yanhong said, “This is another milestone event for Baidu’s AI ecosystem after the listing of iQiyi. Against the background of the times, the financial business has continuously broken through and has grown into a unicorn in this area.Baidu AI's ability to empower, financial scenes, technologies, and models continue to deepen and feed back to the ecology, which is exactly what shows Baidu's AI ecology and new Business has strong strategic collaboration capabilities."
Mr. Zhu Guang, CEO of Duman Financial, said: “In the era of smart finance, we will fully leverage Baidu’s AI advantage and technical strength, work with financial institution partners, and use technology to provide trusted financial services for more people.”
Baidu's financial services group was established in December 2015. After independence, it will be more flexible. Baidu will, as always, closely cooperate with Xiaodu Finance in multiple dimensions such as technology, platform, and resources.
In fact, as early as last July, when Baidu released its second-quarter financial report, Lu Qi said that it will restructure the Baidu Financial Services Group (FSG).We plan to allow Baidu Finance to operate independently so as to obtain more licenses for business development and ensure the long-term, rapid and healthy development of Baidu Finance with the most appropriate mechanism.
Lu Qi pointed out that finance is one of the most promising areas of commercialization of artificial intelligence. Baidu Finance focuses on using Baidu's technical strength and data assets to create a set of artificial intelligence financial technology.
Zhao Ming, a TMT industry expert from the Chartered Financial Analysts Association of the United States, said that after Baidu’s financial services business is independent, it can independently finance and bring in more domestic high-quality partners. On the other hand, the team's rights, responsibilities, and benefits are also more clear. The implementation of the strategy is easier to land, and at the same time it can also reduce the cross-cutting impact of other business lines on financial services.
What is even more crucial is that independently operating financial services will help apply for financial licenses in China and expand the service scope of Baidu Finance.