China’s first virtual bank, AiBank is a joint venture between state-owned financial group Citic and internet giant Baidu. According to Aibank’s own figures, as of the end of 2020, it had amassed 48 million customers and disbursed Rmb300 billion in financial loans. Last December Canadian pension fund CPPIB invested $160 million in the company, bringing the valuation to about Rmb12.6 billion. Aibank competes against Tencent’s MyBank and Alibaba’s WeBank, lending to a range of sectors from health and medicine to automotive and entertainment.

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