The number of Chinese investors using robo services is forecast to soar to 79.4 million over that period from fewer than 2 million last year. Alibaba Group's Ant Financial, Ping An-backed Lufax and start-ups such as WaCai are among the Chinese firms preparing for the rise in robo-advisers, a market set to double in size every year through to 2021, with a forecast 79.4 million users versus about 2 million Chinese investors at present according to market research firm Statista. The number of advisers is expected to grow from around 1 million today to more than 3 million by 2020, said Wang Xiaodong, chief executive officer of Baidu Cloud, China's largest cloud computing company.
Alibaba Group's Ant Financial, Ping An-backed Lufax and start-ups such as WaCai are among the Chinese firms preparing for the rise in robo-advisers, a market set to double in size every year through to 2021, with a forecast 79.4 million users versus about 2 million Chinese investors at present according to market research firm Statista. The number of advisers is expected to grow from around 1 million today to more than 3 million by 2020, said Wang Xiaodong, chief executive officer of Baidu Cloud, China's largest cloud computing company.