360Buy to Establish A Financial Company in 2014

360Buy CEO, Liu Qiangdong, revealed at the company’s annual event that a financial company would be established in 2014. Liu refers to it as a “technology-driven data financial service”. The company launched a  financial service to fund suppliers at the end of 2012, but the long-awaited self-developed payment system hasn’t released yet.

The company stopped using Alipay in the second half of 2011. To build its own payments service, it acquired Chinabank Payments, a private payments company with a needed license and over 200 staff, in 2012. Mr. Liu reckoned that payments service would only be a small role among all the financial solutions 360Buy would offer then.

Its first financial service started making loans to selected suppliers in June 2012. This service is expected to open to all suppliers in this year. At the same time a consumer-facing service, like installment based loans, will be rolled out. “Not only can we provide merchants with loans, but also make loans to consumers”, as Mr. Liu put it.

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