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3 firms receive third-party settlement licenses for mutual funds
By Ding Yining |
May 11, 2012, Friday
|
Online Edition
Online Edition
CHINA'S securities watchdog has given mutual fund trading and settlement licenses to three more firms, bringing the total number of third-party fund settlement firms to seven.
Industry watchers said the market size is set to boom due to the increasing number of market players.
Alipay, Tenpay and 99Bill have received approval to carry out open-ended fund settlement business, China Securities Regulatory Commission said in a statement on its website today.
Prior to today's announcement, four other payment firms had already been able to sell mutual funds to individual customers through their websites, including ChinaPay e-Payment Service Co, which is the Internet payment arm of China UnionPay, as well as China PnR.
China's third-party payment market size grew 91 percent to 758 billion yuan (US$120 billion) in the first quarter this year, research firm Analysys International said in a recent report.
Alipay said it reached an agreement to sell mutual funds from 30 fund management firms and the number of its partnerships will extend to more than 50 by the end of this year.
Alipay and Tenpay collectively have more than 70 percent of the domestic payment market and their large user base means new sales channels for mutual fund companies.
Industry watchers said the market size is set to boom due to the increasing number of market players.
Alipay, Tenpay and 99Bill have received approval to carry out open-ended fund settlement business, China Securities Regulatory Commission said in a statement on its website today.
Prior to today's announcement, four other payment firms had already been able to sell mutual funds to individual customers through their websites, including ChinaPay e-Payment Service Co, which is the Internet payment arm of China UnionPay, as well as China PnR.
China's third-party payment market size grew 91 percent to 758 billion yuan (US$120 billion) in the first quarter this year, research firm Analysys International said in a recent report.
Alipay said it reached an agreement to sell mutual funds from 30 fund management firms and the number of its partnerships will extend to more than 50 by the end of this year.
Alipay and Tenpay collectively have more than 70 percent of the domestic payment market and their large user base means new sales channels for mutual fund companies.
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