The financial services division of Chinese e - commerce behemoth Alibaba will allow non - affiliated mutual funds and banks to set up virtual shops within its app - based marketplace . Fortune Account , embedded in Ant Financial 's wealth - managment app , will enable financial services companies to sell direct to consumers , the company 's senior VP Fan Zhiming said . Among the first 10 companies to sign up are Shanghai Pudong Commercial Bank , Shanghai Citic ##a and Bosera Asset Management . Ant Financial's own Alipay app, which provides a wide variety of payments and other mobile services, also has such a channel to access this business. Ant has n't detailed its fee structures .
The financial services division of Chinese e - commerce behemoth Alibaba will allow non - affiliated mutual funds and banks to set up virtual shops within its app - based marketplace . Fortune Account , embedded in Ant Financial 's wealth - managment app , will enable financial services companies to sell direct to consumers , the company 's senior VP Fan Zhiming said . Among the first 10 companies to sign up are Shanghai Pudong Commercial Bank , Shanghai Citic ##a and Bosera Asset Management . Ant has n't detailed its fee structures .