Firms, investors to gain from platform
Print Edition
ZHEJIANG Alibaba E-commerce Co, the parent company of Alipay, yesterday unveiled an online sales platform for wealth-management products to help financial firms cut costs and also offer investors more options.
The platform, operated by the newly formed Shanghai Zhaocaibao Financial Service and Information Co, will welcome financial institutions, including banks, insurers and fund houses, that are hoping to tap Internet finance.
“The platform will bring together different kinds of investment products issued by financial institutions, helping them reduce marketing and technology costs while diversifying choices for investors,” said Chen Zhiming, general manager of Zhaocaibao.
The setting-up of Zhaocaibao marks the latest foray by Alibaba into the finance sector.
Tianhong Asset Management Co, which is also controlled by Alibaba, will allow Zhaocaibao to access 81 million subscribers of Tianhong Zenglibao Monetary Fund via a partnership.
“The cooperation may lead to some cash outflows from Zenglibao in the short term, but we’re eying to boost users’ engagement in online finance for the long run,” said Guo Shuqiang, general manager of Tianhong Asset Management, which has co-launched an online money market fund, Yu’ebao, with Alipay.
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