Chinese online payment provider Alipay has rolled out a new wealth management platform to sell tailor-made wealth management products.
Known as Zhaocai Bao, the platform will expand Alipay’s presence in the online wealth management sector, according to ECNS.com.
Zhaocai Bao has been designed to match individual investors’ investment requirement with suitable wealth management products offered on its website.
Additionally, Alipay intends to boost its total transaction size to CNY1 trillion = (US$164 billion) in the next two to three years.
Till date, nearly 40 financial institutions have sold wealth management products through this platform since the start of its trial operation in April this year.
However, transaction size reached to more than CNY11 billion during the four-month trial operation.
The minimum investment threshold needed for the Zhaocai Bao’s platform is CNY100.