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Asia Citic, Baidu launch direct bank in fintech push (Reuters), Rated: AAA

Asia Citic, Baidu launch direct bank in fintech push (Reuters), Rated: AAA

Asia Citic Bank Corp ( 601998.SS ) and internet search engine giant Baidu Inc ( BIDU.O ) established on Saturday a primary banking jv, dubbed AiBank, to take advantage of Asia’s quickly growing fintech sector.

Younger, Carefree and Unsecured (Bloomberg), Rated: AAA

Customer lending is booming in Asia, as a result of a less thrifty younger generation who’ve cast from the mentality that is save-at-all-costs of moms and dads.

China’s unsecured consumer loans amounted to simply 9 % of gross domestic item in the 1st nine months of the 12 months, compared to 15 % when you look at the U.S., relating to experts Oliver Wyman. The educated 18- to borrowers that are 36-year-old targets tend to be ignored by banking institutions, and even though their task prospects imply that they’re unlikely to default.