After months in development, Ant Financial, the world’s largest fintech firm, will be launching automated advice to its millions of clients this year, people familiar with the plans told Reuters. 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 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.