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Suning latest to use Internet to offer wealth management products
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SUNING Commerce Group became the latest company to jump into the Internet finance sector as the company will start offering cash management products through its payment service Yifubao later this week.
Suning's cash management products resemble those of Yu'E Bao offered by Alipay, which drew more than 43 million subscribers by the end of last year.
It will be open for subscription tomorrow.
Suning is offering two money market funds from GF Fund Management Co and China Universal Asset Management Co.
A number of Internet companies such as Baidu and NetEase have opened purchasing platforms for wealth management products and stepped up collaboration with financial institutions to turn Internet users into investors.
NetEase at the end of last year offered a wealth management product with an annualized yield of more than 10 percent.
Sina is also set to connect its own payment system with a fund management company, people familiar with the matter said.
Suning said in a stock exchange filing yesterday that it hopes the cash management products will cover users' wealth management demands while catering to their shopping behavior.
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