BUSINESS Ant Financial, Vanguard partner to offer investment consultancy in China

BUSINESS

Ant Financial, Vanguard partner to offer investment consultancy in China

Xinhua

17:24, December 14, 2019

1560226393011112.jpg

SHANGHAI, Dec. 14 (Xinhua) -- Chinese fintech firm Ant Financial and U.S. asset manager Vanguard have teamed up to offer Chinese retail consumers investment advisory services.

A joint-venture by the two firms will provide customized services for investors based on their investment objectives, time horizon and risk preferences, according to a statement released Saturday.

The services are available for minimum investments of 800 yuan (about 113 U.S. dollars) and accessible through the Alipay app, a popular third-party fintech platform run by Ant Financial.

"We are delighted to bring this important service to more people in China and look forward to supporting the sustainable growth of the wealth management industry," said Peter Zhang, CEO of the joint venture.

Investment and wealth management has seen increased popularity among Chinese. The ratio of adults who had put their money into the wealth management market averaged 47.81 percent in 2018, up 1.84 percentage points year on year, while the ratio in rural areas rose 3.32 percentage points to 36.11 percent, data from the People's Bank of China showed. 


Related Stories

Terms of Service & Privacy Policy

We have updated our privacy policy to comply with the latest laws and regulations. The updated policy explains the mechanism of how we collect and treat your personal data. You can learn more about the rights you have by reading our terms of service. Please read them carefully. By clicking AGREE, you indicate that you have read and agreed to our privacy policies

Agree and continue