
Alibaba's affiliate Ant Financial launched a wealth management smartphone app Tuesday.
The standalone app, Ant Fortune, lets users buy online monetary fund Yu'ebao and products from Zhaocaibao, an online platform connecting investors with small businesses and individual borrowers.
In addition, investors can buy stock fund products and track stocks but currently can not make stock transactions.
Yuan Leiming, head of Ant Financial's wealth management unit, said the app lowers the investment threshold and lets more common people increase their wealth.
Yu'ebao has attracted more than 40 million investors since its launch in June 2013, making it the country's biggest monetary fund.
With higher earnings than bank deposits, Yu'ebao prompted people to pull money from banks and attracted many rivals into online finance.
On Saturday, WeBank, an online lender set up by Alibaba's archrival Tencent, launched a similar smartphone app.
GMT 17:56 2018 Wednesday ,17 January
Ericsson to write down 1.4 billion euros in fourth quarterGMT 19:16 2018 Saturday ,13 January
China shuts Marriott website over Tibet error, scolds other firmsGMT 17:31 2018 Thursday ,11 January
UK group bids for Europe's biggest aluminium smelterGMT 17:24 2018 Thursday ,11 January
UK supermarket Sainsbury's lifts outlook after bumper ChristmasGMT 17:52 2018 Tuesday ,09 January
H&M removes 'black boy' ad after racism accusationGMT 19:38 2018 Wednesday ,03 January
Petrobras pay $2.95bn to settle US class action on corruptionGMT 13:49 2018 Wednesday ,03 January
China’s Ant Financial drops $1.2 billion MoneyGram deal as US approval failsGMT 17:47 2017 Sunday ,31 December
BA owner to buy bankrupt Austrian airline Niki
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor