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在线翻译:
szdaily -> Business -> 
CITIC Bank joins hands with car-hailing firm
    2018-04-17  08:53    Shenzhen Daily

Zhang Yu

JeniZhang13@163.com

IN an attempt to get a slice of the booming car-hailing market, China CITIC Bank signed a strategic agreement with the Beijing-based car-hailing service provider Yidao in Shenzhen on Thursday.

According to the agreement, the two sides will have an in-depth cooperation in the areas of retail, investment consulting and big data.

Meanwhile, the bank will issue exclusive credit cards and debit cards for Yidao’s users and drivers, in a bid to provide more comprehensive and convenient financial services for the cardholders.

Sun Deshun, president of CITIC Bank, said the ride-hailing market is a part of the thriving sharing economy. He hopes the cross-industry collaboration will help promote the innovation of financial services by exploring new business models.

At the signing ceremony, the bank also announced its subsidiary had acquired an 18.18-percent stake in Yidao.

Founded in 2010, Yidao is one of the earliest ride-hailing service providers in China. According to the company, it served more than 7 million users by the end of 2017 and pledges to achieve 375 million orders in 2018.

So far, most of the ride-hailing companies profit from taking a commission of 10 to 20 percent from drivers’ income. Earlier this month, Yidao took the lead to scrub such fees for 470,000 drivers in 47 Chinese cities.

But it is also facing cut-throat competition. Meituan-Dianping, one of China’s largest online services platforms, has also rolled out its car-hailing business and provides direct subsidies to drivers, bringing the ride-hailing industry into a new battle in a near-relentless price war.

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