Taobao.com able to sell fund products
Print Edition
Taobao.com, China’s largest online shopping platform, now sells fund products as tech giants expand their services into the financial sector.
Taobao, owned by Internet giant Alibaba Group, yesterday launched a third-party platform to sell fund products, one day after the online platform received the go-ahead from the China Securities Regulatory Commission.
The first batch of 17 fund management companies has started to offer fund products, mainly low-risk money market funds and bond funds. Investors can buy in for as little as 100 yuan (US$16.40) without being charged subscription or redemption fees.
The sale of funds marks the latest foray by Alibaba into China’s tightly controlled capital market after it started selling Yu’E Bao, a money market fund, through its online payment service provider Alipay in June.
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