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CHINA: BAIDU TEAMING UP WITH ICBC IN E-COMMERCE AND ONLINE PAYMENT.
IPR Strategic Business Information Database, October, 2005
According to fdi.gov.cn: Baidu, the search engine, recently signed an E-commerce Strategic Partnership Agreement with the Industrial and Commercial Bank of China (ICBC), pledging to jointly build an online payment platform. ICBC yesterday unveiled the agreement enabling the two sides' cooperation in a wide range of areas including an online payment system.
Related sources show it is the first e-commerce strategic agreement Baidu has contracted, which suggests that Baidu, proclaiming to only focus on Chinese search engine, is now dividing its resources partly to the e-commerce market.
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