Information Technology industry in has made significant inroads into the various domains of information technology. However, the Indian industry could not make much progress in developing products, which made India's IT industry limited to BPO & KPO verticals bringing it the Wechat Application title of œBack office of the world. Even though some of the new entrepreneurs made valiant efforts to create product companies in India, the progress has remained subdued due to lack of a sufficient ecosystem and few venture capital firms that provide early stage capital. However, the renewed aggression of Facebook to gain hold of Asian markets and the mobile technology space, can lead to a fresh wave of M&A deals and consolidation in the Asian Information Technology (IT) industry, especially in India and China.
Other Asian Countries In Focus This service is currently mainly applied in in-game payments. Compared with traditional in-app payment services, Baidu Wallet SDK, which integrates the functions of payment,Wechat Application data analysis and accounting management, has embedded more than 10 payment methods, including, bank card payment and phone billing.
The service has gained access to more than 300 games, including Kunluns Xianbian and Locojoys MT Online 3.0.
Starting from the gaming sector, Baidu may gradually expand payment business to e-commerce division, and then the whole mobile Internet in the future. Baidu is likely to release financial products in October, disclosed people familiar with the matter. Three Weibo official accounts of Baidus financial products were opened recently, including Baidu Finance, Baidu Financial Management and Baidu Securities (report in Chinese).
Besides highly populous China and India, Facebook may be closely watching the Information Technology space in the neighbouring Asian countries such as Indonesia, Thailand, etc to gain more and more ground in the Asian market to realise Facebook's long standing mission of œconnecting the world. Whichever way one looks at it, its quite amply clear that the missing piece in the way of Facebook to fulfill its mission of connecting the world is Asia. One can wager on the fact that Facebook must be bracing itself for an aggressive spell in the Asian region through both organic and inorganic expansion.