Note from Editors:
Ant Fortune, the wealth management app for smartphone, unveiled recently will give 70 percent of China’s population the chance to invest in products not open to them before. With the app, an individual can choose from any of the 900 products from more than 80 Chinese funding institutions, without commission fees charges.
by Yue Wang
Chinese e-commerce titan Alibaba’s #finance arm today unveiled a smartphone app that lets users buy into hundreds of Chinese #funds, as the company continues the push to become the country’s dominant online #financial services provider.
The wealth-management app, Ant Fortune, offers 900 products from more than 80 Chinese fund institutions without charging commission fees, according to an Ant Financial statement. Users will also be able to invest in Ant Financial’s money-market fund Yu’E Bao and buy products from Zhao Cai Bao, an online #platform connecting small businesses and individual borrowers with #investors. Zhao Cai Bao oversaw $40.7 billion in transactions by the end of July, according to Ant Financial.
About 70% of China’s population doesn’t buy any wealth management product, as most financial products are designed for high net worth investors and portfolio managers, according to the company. “Ant Fortune aims to provide investment options for those who are left out by the current wealth management products by lowering the entry threshold, and for those who have little time or ‘know-how’ to grow wealth,” Leiming Yuan, general manager of Ant Financial’s wealth management unit, said in a statement.
Read the full article:
Curated from Alibaba Finance Affiliate Launches Fund Investment Smartphone App – Forbes
Note: Featured Image credit to 1stportfoliowealth.com