(Yicai Global) Jan. 9 -- Yu'ebao, Alipay's balance management service, had more than 600 million users by the end of last year, with over 60 million of these engaging in fund transactions, an executive of Ant Financial Services Group under Hangzhou-headquartered tech giant Alibaba Group Holding said yesterday.
Zu Guoming, Ant Financial's vice president for its fortune business group and general manager of Ant (Hangzhou) Fund Sales, released the above figures at a financial technology summit yesterday.
The number of users of Ant Fortune, Ant Financial's one-stop wealth management platform, more than doubled last year from 2017, while the ranks of automatic investment plan investors among these users rose over threefold, he added.
Ant (Hangzhou) Fund Sales obtained a license to sell funds in April 2012 and inaugurated Yu'ebao for money funds in June 2013.
Around 4,000 mutual funds from over 90 percent of China's fund firms are sold on Ant Fortune which formed in 2015. Sales revenue from Ant Fortune's funds has surpassed those sold on fund.eastmoney.com, an established internet-based giant run by Shanghai-based East Money Information Co.
"Ant (Hangzhou) Fund Sales has 60 million users, twice as many as fund.eastmoney.com," a fund insider said, adding the latter, which obtained its sales license in February 2012, was certainly the most successful online seller before Alibaba threw its hat into the ring.
Tencent Holdings and Baidu also got licenses for fund sales last year, marking the beginning of BAT's (Baidu, Alibaba, Tencent) engagement in the fierce battle of the funds.
"We offered more technical power in terms of operation and marketing last year and expect to give such power full play in research and investment, transactions and risk control, as well as compliance and security in the next two or three years," Zu said.
Editor: Ben Armour