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July 14, 2020

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Ant Group eyes 100m investors

Ant Group’s wealth management unit says it is hoping to add 100 million wealth management users in the next three years as many investors seek liquidity as well as reasonable returns.

It has unveiled a special section on its platform displaying bank deposits, mutual funds and fixed-term wealth management products to offer guidance to individual investors and help them find suitable investment options.

The section has 50-plus products and the list will be adjusted according every one or two months. It currently covers two types of products, one with a relatively stable return, such as deposits, and another which mixes fixed-income products with bonds and stocks, targeting investors willing to take more risk for a higher profit.

The selection process involved an expert panel from the China Securities Journal’s mutual fund research think tank as well as management companies.

The recent bullish A-share market has buoyed investors’ sentiment.

Over the past month, mutual fund purchasing volume on Alipay surged more than five times from a year ago and the number of fund investors more than doubled.

The company’s wealth management platform has already attracted more than 600 million users since the money market fund Yu’E Bao was launched in 2013.


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