Alipay, the world’s largest online, mobile payment and lifestyle platform, operated by Ant Financial Services Group, has 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.