Chinese online payment provider Alipay will launch a new wealth-management product in collaboration with five Chinese fund companies in the coming months.
Called Zhaocai Bao, the new wealth-management product will be launched as a short-term wealth-management product, which requires investors to deposit their money over a period ranging from seven days to 90.
According to local media reports, Alipay is working with China Southern Asset Management, ICBC Credit Suisse Asset Management, Tebon Fund, SSGA Fund and E Fund Management to launch the product between late December and late January.
The launch of the new product marks as Alipay’s second major move into Internet finance. Its first move was to launch Yu’E Bao, an investment service in conjunction with Tian Hong Asset Management in June this year.