Ant Fortune app hopes to spread wealth
Print Edition
ALIBABA’S financial services affiliate Zhejiang Ant Small and Micro Financial Services Group has launched an application to sell wealth-management products as the company transforms from a payment tool into a comprehensive financial services provider.
The application, Ant Fortune, will sell fixed-term wealth-management products and mutual funds from more than 100 banks, insurance firms and fund companies.
Ant Small Finance’s popular wealth-management product Yu’ebao has more than 200 million registered users and more than 70 percent of them access the service through smartphones.
Yuan Leiming, head of the financial business unit at Ant Small Finance, said the firm hopes to turn Yu’ebao users into investors of other wealth-management products sold through Ant Fortune.
Yuan said Ant Fortune aims to offer wealth-management products to grassroot investors.
It is also working with mutual fund companies to allow users to invest in overseas mutual funds and hopes to provide this service in the third quarter of this year.
In June, Ant Small Finance launched the online private MY Bank, aiming to provide services to up to 10 million small and medium enterprises within five years.
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