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Du Xiaoman Financial – tech giant Baidu's fintech arm that provides short-term loans and investment services – is moving to the Liangjiang New Area of Southwest China's Chongqing, after recently signing a contract.

The signing ceremony was held on June 3, attended by Duan Chenggang, member of the Standing Committee of Chongqing CPC Municipal Committee and secretary of the Chongqing Liangjiang New Area Party Work Committee.

The company will reportedly concentrate on fintech and financial information services.

It will also form a special internet technology cluster – with AI, financial technology and intelligent risk control at its core – to provide various services for the new area, and to develop its financial services ecosystem.

Du Xiaoman Financial is reportedly set to double its research investments in AI technologies to minimize financing costs for micro, small and medium-sized enterprises, as well as to boost research capacity and offer more applications to Liangjiang's burgeoning fintech sector.

Finance is regarded as one of pillar modern service industries in the new area, which has become home to more than 100 traditional financial institutions and over 500 new-type financial firms that provide services in financing guarantees, leases and equity investment funds.

During the first quarter the current year, the new area registered added financial value of nearly 17 billion yuan ($2.55 billion), with the growth rate of deposits and loan balances reaching 8 percent on the same period last year.