Alipay, the world’s largest online, mobile payment and lifestyle platform, operated by Ant Financial Services Group, today announced the addition of two new money market funds to Yu’e Bao, the spare cash management platform within the Alipay app.
The new funds, managed by Bosera Asset Management Co., Ltd and Zhong Ou Asset Management Co., Ltd, respectively, will be integrated seamlessly into Yu’e Bao alongside the platform’s one existing money market fund, managed by Tianhong Asset Management Co., Ltd. Starting from May 4, 2018, Yu’e Bao users will have the choice of three money market funds with which to generate returns on their spare cash. To ensure a steady transition, the subscription of newly introduced funds will be made available to some Yu’e Bao users first, and rolled out to cover the rest in batches.
“The addition of these new money market funds to Yu’e Bao is in line with Ant Financial’s commitment to using technology to make financial services more inclusive, and to working closely with traditional financial institutions,” said Guomin Zu, Vice President of Ant Financial's Wealth Management Business Group. “Partnering with Bosera Asset and Zhong Ou Asset will enable Yu’e Bao users to access more funds with the same seamless experience that they have enjoyed since 2013. We look forward to adding other high-quality money market funds to the Yu’e Bao platform, giving users more choice and our partners the opportunity to connect with a much broader user base.”
“We have worked together extensively with Alipay’s team to ensure our systems can handle volume and deliver users the same seamless experience they have been used to with Yu’e Bao,” said Xin Xu, Deputy General Manager of Zhong Ou Asset Management. “By partnering with Ant Financial, we look forward to providing first-class wealth management products and services to our users.”
“Ant Financial is a key strategic partner for us,” said Deying Wang, Vice President of Bosera Asset Management. “We are very excited to join Alipay’s Yu’e Bao platform to provide more and better financial products and services.”
Yu’e Bao is an online spare cash management platform within the Alipay app that is designed to enable users to safely and efficiently manage their spare funds. Users can seamlessly access the funds in their Yu’e Bao account to make online and offline purchases. This will continue to be the case whichever of the three Yu’e Bao funds users choose to invest in.
Upon its launch in 2013, Yu’e Bao integrated a money market fund from Tianhong Asset Management Co., Ltd, which quickly grew to become the largest fund of its kind in the world, with over 400 million users. To better protect the interests of investors, Tianhong Asset Management has been taking a number of proactive measures to control the pace of Tianhong Yu’e Bao’s growth since 2017. The most recent adjustment was a daily total subscription cap enacted on February 1, 2018. Initially, the newly introduced money market funds will not feature a subscription cap, which will help improve the user experience on the Yu’e Bao platform.
About Bosera Asset Management
Founded on July 13, 1998, Bosera Asset Management Co., Ltd. was one of the first five fund management companies established in mainland China. Bosera strives to provide professional wealth management services to meet domestic and international institutional and retail investors’ various investment needs. Bosera is headquartered in Shenzhen and has branches in Beijing, Shanghai, among other places. After 20 years’ development, Bosera is one of the largest fund houses in China. By the end of 2017, Bosera's net assets under management totaled around RMB 758 billion, and it managed 192 open-end funds.
About Zhong Ou Asset Management
Zhong Ou Asset Management Co., Ltd. was established on July 19, 2006. Its investment management business dates back to more than 10 years ago. The business mainly encompasses mutual funds and providing financial advisory services to both Chinese and global institutional, as well as retail investors. The Company’s mission is to provide preeminent long-term investment performance and first-rate customer service to its clients. It aims to become a leading asset management company with outstanding performance, and dedicates itself to growing the wealth of all its clients. The Company’s exceptional contribution has been highly recognized and appreciated by its clients. It has been awarded one of the highest honors in the Chinese asset management industry – Golden Bull Fund House (by China Securities Journal) – for four consecutive years between 2014 and 2017.
Operated by Ant Financial Services Group, Alipay is the world’s largest mobile and online payment platform. Launched in 2004, Alipay currently works with over 200 domestic financial institution partners. Over the years, Alipay has evolved from a digital wallet to a lifestyle enabler. Users can hail a taxi, book a hotel, buy movie tickets, pay utility bills, make appointments with doctors, or purchase wealth management products directly from within the app. In addition to online payments, Alipay is expanding to in-store offline payments both inside and outside of China. Over 40 million brick-and-mortar merchants now accept Alipay across China. Alipay’s in-store payment service covers over 40 countries and regions across the world, and tax reimbursement via Alipay is supported in 29 countries and regions. Alipay works with over 250 overseas financial institutions and payment solution providers to enable cross-border payments for Chinese travelling overseas and overseas customers who purchase products from Chinese e-commerce sites. Alipay currently supports 27 currencies.
About Ant Financial
Ant Financial Services Group is focused on serving small and micro enterprises, as well as individuals. Ant Financial is dedicated to bringing the world more equal opportunities through building a technology-driven open ecosystem and working with other financial institutions to support the future financial needs of society. Ant Financial and our partners serve 800 million users worldwide. Brands under Ant Financial Services Group include Alipay, Ant Fortune, Zhima Credit and MYbank.
For more information on Ant Financial, please visit our website at www.antfin.com or follow us on Twitter @AntFinancial.
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