Transactions on Zhaocaibao to touch 1 trillion yuan
Print Edition
ALIBABA’S small finance affiliate said it expects wealth-management transaction size to reach 1 trillion yuan within three years through its Zhaocaibao platform.
Zhejiang Ant Small & Micro Financial Services Group said transaction value through Zhaocaibao soared over 200 billion yuan (US$32 billion) since its launch in April last year.
It took only two months for the transaction size to double from 100 billion yuan by April-end to 200 billion yuan, despite the turmoil in the domestic stock market.
Investment threshold is 100 yuan at the Zhaocaibao platform, while most wealth-management products sold at banks and insurance companies normally start from 50,000 yuan.
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