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 about 2 million users versus 79.4 million Chinese investors at present according to market research firm Chinese . Traditional institutions, such as Industrial and Commercial Bank of China , have already expanded into the sector, while Industrial and Commercial Bank of China and Alibaba Group's are both preparing to launch their own robo-adviser products to capture more income from the retail sector.
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. Traditional institutions, such as China Merchants Bank, have already expanded into the sector, while Industrial and Commercial Bank of China and Ant Financial are both preparing to launch their own robo-adviser products to capture more income from the retail sector.