Chinese online payment provider Alipay is planning to launch its first long-term wealth-management product, marking its move into internet finance area.
With this product, the compay will offer a second option to its Yu’E Bao service that enables investors to withdraw their investment whenever they want, reported Chinadaily.com.cn.
The new service is a fixed-term product, under which investors should investment a minimum of 1,000 yuan ($165) per year and will be available exclusively to Yu’E Bao investors.
The product will offer an advertised annualized interest rate of 7%.
Yu’E Bao, which was was launched in June by Alipay and Tian Hong Asset Management, has become the largest money market fund in China, reported Chinadaily.com.cn.