Ant Financial Services Group (AFSG), the financial services affiliate of Alibaba Group, has rolled out a new wealth management smartphone app that allows users to purchase into hundreds of Chinese funds.
Dubbed as Ant Fortune, the app will allow users to buy approximately 900 fund products from over 80 Chinese financial institutions without paying any type of commission.
Additionally, the app will enable investors to buy stock fund products and track stocks from Hong Kong to the Nasdaq but cannot make stock transactions.
Ant Financial wealth management unit head Yuan Leiming said the app will reduce the investment threshold and allows users to boost their wealth.
The company said that the new feature will help lower entry barriers for the 70% of the population who do not invest in financial products as they are too expensive or difficult to understand.
Using Ant Fortune, users can also check stock information in Shanghai, Shenzhen and Hong Kong bourses.
The app also collaborates with Nasdaq to deliver real-time data on all US traded equities.
The company aims to target 80% of Chinese population that holds 20% of the nation’s wealth," Ant Financial general manager for finance, Yuan Leiming told Bloomberg.