Suning gets nod to sell mutual funds online

By Ding Yining | October 11, 2013, Friday |

Online Edition

Suning, China's largest home appliances retailer, said its online payment unit has gained regulatory approval to sell mutual funds on the Internet as the company takes a step further to provide a wider range of services to customers.

Suning's payment arm has approved by the China Securities Regulatory Commission to offer direct transaction service for online sales of mutual funds, the company said in a stock exchange filing yesterday. It is also preparing for an open platform for mutual fund companies to sell their products online.

Retailers and e-commerce companies like Alibaba Group are pushing for financial services for smartphone users and lure them with lower commission rates.

Zhejiang Alibaba E-commerce Co, the parent company of Alipay and controlled by Alibaba Group founder Jack Ma, said earlier this week that it will pay 1.18 billion yuan (US$193 million) for 51 percent of Tian Hong Asset Management Co to develop financial services.

Consumer

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Suning gets nod to sell mutual funds online

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