Alipay offers new wealth management platform

By Ding Yining | August 25, 2014, Monday |

Online Edition

ALIPAY, the payment service under e-commerce giant Alibaba Group, made a further step in online wealth management sector as it launched a new platform Zhaocai Bao to sell tailor-made wealth management products.

Alibaba Small and Micro Financial Firm said Zhaocai Bao can automatically match individual investors' investment requirement with proper wealth management products offered on its website.

The company expects total transaction size to grow to 1 trillion yuan (US$164 billion) in the next two to three years with booming investment demand.

Altogether about 40 financial institutions have offered wealth management products since the platform started trial operation in April this year.

Transaction size was more than 11 billion yuan during the four-month trial operation.

Investment threshold is 100 yuan at Zhaocai Bao's platform, while most wealth management products sold at banks and insurance companies normally start from 50,000 yuan.

Alipay's popular cash management product Yu'e Bao had an asset size of 574.2 billion yuan by the end of June, up 6 percent from the end of the first quarter, and it has accumulated more than 100 million registered users since its first launch in June 2013, it said last month.

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Alipay offers new wealth management platform

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