The financial services business 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. In a move that could help boost China's nascent fintech sector, Ant Financial said it plans to launch an online platform for investors called Ant Fund by the end of this year. Ant hasn't detailed its fee structures.
The financial services business 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 Development Bank, China Citic Bank and Bosera Asset Management. Ant hasn't detailed its fee structures.