Competition seen in fund settlement
By Ding Yining |
May 12, 2012, Saturday
|
Print Edition
Print Edition
THREE more companies have received mutual fund trading and settlement licenses from China's securities regulator.
Analysts expected the increased competition in the market to benefit consumers.
The China Securities Regulatory Commission said in a statement yesterday that Alipay, Tenpay and 99Bill can now carry out open-ended fund settlement business.
Zhang Meng, a researcher at Analysys International, said: "Market competition will allow individual consumers greater access to financial services, and commissions fees are expected to be cut, which will also boost the industry as a whole."
These third-party fund settlement companies offer up to 70 percent cut in fees, compared with banks.
Alipay said it has agreed to sell funds from 30 fund management firms and the number of its tie-ups will rise to more than 50 by the end of this year. Alipay and Tenpay collectively have nearly 70 percent of the domestic online payment market.
There are now seven firms which can sell funds to individual customers through their websites.
Analysts expected the increased competition in the market to benefit consumers.
The China Securities Regulatory Commission said in a statement yesterday that Alipay, Tenpay and 99Bill can now carry out open-ended fund settlement business.
Zhang Meng, a researcher at Analysys International, said: "Market competition will allow individual consumers greater access to financial services, and commissions fees are expected to be cut, which will also boost the industry as a whole."
These third-party fund settlement companies offer up to 70 percent cut in fees, compared with banks.
Alipay said it has agreed to sell funds from 30 fund management firms and the number of its tie-ups will rise to more than 50 by the end of this year. Alipay and Tenpay collectively have nearly 70 percent of the domestic online payment market.
There are now seven firms which can sell funds to individual customers through their websites.
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