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China based publicy traded e-commerce giant - JD.com, secured $1b in fundin led by Sequoia Capital China, China Harvest Investments and China Taiping Insurance. The round was intended to strengthen JD.com's finance focused arm, JD Finance, in order to provide financial services to consumers, startups, SMEs and other businesses. China's largest internet companies now compete with each other over the provision of financial services to new and existing consumers.
“JD Finance has become a leading industry player by leveraging JD.com’s e-commerce expertise and advantages in big data and technology to provide financial solutions to Chinese consumers, innovative start-ups and traditional enterprises,” Richard Liu, CEO of JD.com, said in a statement. “By partnering with top financial and start-up service institutions, we will be even better positioned to create China’s leading financial technology ecosystem.” China’s big three Internet companies — Baidu, Alibaba and Tencent (BAT) — all offer financial and banking services in the country, so there’s plenty of competition as China’s online financial revolution continues to gain momentum.
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