Chinese internet giant Baidu signed a strategic cooperation agreement with Shanghai Pudong Development (SPD) Bank at the 2020 World Artificial Intelligence Conference that opened Thursday in Shanghai, the Xinhua-run China Securities Journal reported on Thursday.
Under the agreement, the two sides will further strengthen cooperation in such areas as artificial intelligence and financial technology in an attempt to draw on artificial intelligence technology to empower the financial industry and jointly build a new exemplar for the intelligent upgrading of financial enterprises.
SPD Bank has carried out in-depth collaboration with Baidu in multiple fields since 2017, said Pan Weidong, president of SPD Bank, adding that the two sides will delve deeply into the field of artificial intelligence to further push forward enterprises’ digital transformation, build a digital industrial chain, and cultivate a digital ecological system.
Robin Li, chairman and CEO of Baidu, said this cooperation is set to further promote the digitalization and intelligent upgrading of the financial industry, help more enterprises achieve intelligent transformation, and provide customers with more high-quality financial services.
In the first quarter of 2020, Baidu reported a non-GAAP net profit of 3.1 billion yuan (about 442 million U.S. dollars), a leap of 219 percent year on year, despite the impact of the COVID-19 epidemic.