Alibaba and Tencent back competing mobile wealth management platforms
Two of China's giants have launched competing mobile wealth management platforms, in their home market, where 70% of the population do not invest in financial products, due to cost or complexity. Tencent backed, WeBank, debuted over the weekend, launching a mobile wealth management app, its first push into mutual fund and pension insurance product sales. WeBank will partner with three fund houses and one insurers to distribute six actively managed funds. Alibaba backed, Ant Financial has launched Ant Fortune to run its app, which aims to lower barriers to entry, by offering products commission free. Hangzhou Shumi Fund Sales will offer more than 900 funds on the platform, alongside Ant Financial's money market fund, run by its Yu'e boa until Ant Fortune is working with China Business News and Nasdaq to provide data, and in future users will be able to buy stocks via Yu'e bao on the platform.
Ant Financial, which operates electronic payment platform Alipay and online money-market fund Yu'ebao has launched independent wealth management platform Ant Fortune.

In the form of an independent mobile application, it will combine the functions of Yu'ebao and Zhaocaibao, and investment funds. Users will be able to manage their wealth in three ways via one single account.

The threshold for investment has been lowered to 1 yuan ($0.15) for Yu'ebao and 100 yuan for Zhaocaibao.

The company will work with Hangzhou Shumi Fund Sales Co Ltd to cover more than 900 funds provided by major companies.

Against the backdrop that funds in Hong Kong and the Chinese mainland will be mutually recognized in future, it is likely that Ant Fortune will introduce Hong Kong fund companies later.

It is the first time that Ant Financial has independently released a new application outside of Alipay.

Ant Fortune will also work with China Business News and Nasdaq to provide selected information about stock markets in the Chinese mainland, Hong Kong, the United States and elsewhere.

In future, Ant Fortune users will be able to buy stocks via Yu'ebao.