Financial products proving popular
Print Edition
Yesterday’s online shopping spree extended beyond the more traditional merchandise to include financial products.
Insurance and fund management companies sold 908 million yuan (US$146 million) of wealth management products on Tmall, operator Alibaba Group said.
One product sold by a Shanghai-based insurance firm notched up sales of over 100 million yuan in just 10 minutes. It offered an annual expected return of 7 percent, compared to China’s one-year fixed deposit rate of 3 percent, making such products more lucrative than traditional deposits.
Shanghai, Beijing and Hangzhou were the top three cities in terms of the value of wealth management products purchased, Alibaba said.
However, China Guangfa Bank, which had planned to launch four wealth management products in its Tmall store yesterday, according to Florida-based consumer financial service company Bankrate Inc, announced last Friday that the products would not be sold on Single’s Day for “internal compliance” reasons.
“There are pros and cons of selling wealth management product on e-commerce platforms like Taobao.com,” said Bankrate.
“The upside is that it broadens sales channel for the financial products, offers faster access to product information and more convenient purchase experience to the customer. Wealth management products issued by banks have relevantly lower risks compared to other types of products.
“However they are still essentially different from bank deposits. The capability of online customer service for professional services such as risk assessment is in question,” Bankrate said.
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