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Ali’s Ant Financial is to partner with more fund companies

ALIBABA’S financial and payment services affiliate Ant Financial said its wealth management platform will involve more mutual fund companies to allow these companies to leverage its consumer data base and to provide tailor-made investment advices.

The first batch of collaborators include Bosera Asset Management Co, Tianhong Fund Management Co, China Southern Asset Management, and etc.

General manager Zu Guoming at Ant Fortune, the wealth management platform under Ant Financial, said it aims to use technology capabilities and data mining ability to help fund companies better target its customers and to help them launch online promotional activities and to analyze its customer base.

Ant Fortune currently has 35 million users and works with more than 200 banks, asset management firms and Chinese fund companies since it was first launched in August 2015.

Bosera Asset Managemnt Co president Jiang Xiangyang said it hopes to leverage Ant Jubao’s user behavior data to enhance risk management measures and to help the fund company to better attract and retain consumers through Internet channels.

Market watchers pointed out that the focus shift of Ant Financial came in wake of a recent default involving a corporate bond sold on Ant Fortune.  It is better that the design and promotion of products are handled by eligible financial institutions while Ant Fortune only focuses on technology supports.


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