Baidu will partner with China Citic Bank, one China’s largest and most internationally oriented banks, to launch an online bank according to local media reports.

Baidu has said it will make a formal announcement on Wednesday, while Citic Bank suspended trading on Monday pending an investment announcement.

Both Alibaba and Tencent have expanded considerably into the online banking space since they were granted their respective banking licenses in March 2014.

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Cate Cadell

Cate is a tech writer. She worked as a journalist in Australia, Mongolia and Myanmar. You can reach her (in Chinese or English) at: @catecadell or catecadell@technode.com