China’s finance companies are leveraging the country’s internet giants to attract clients at lower costs and improve operational efficiency.
Ant Fortune, Alipay’s wealth management platform that was launched in 2015, announced in a press release circulated on Thursday that more than 100 asset management companies were offering over 4,000 wealth management products on its platform. According to the Asset Management Association of China, there were 124 asset management firms in China as of the end of April 2019. Alipay had 647 million monthly active users in April, according to QuestMobile’s data.
Out of the 100 plus asset management companies, 80 have joined Caifuhao, which was launched two years ago on the Ant Fortune platform, giving financial institutions access to a suite of services—some of which are AI-driven—for better user connectivity, user profiling, operational optimization, and smart marketing.
In particular, 80 asset management companies have recorded an average growth of 70% in the number of transacting users since they registered for Caifuhao accounts on Ant Fortune.
A view of Caifuhao shows that more than 15 asset management companies have over 1 million followers.