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Joint-stock banks to launch money market accounts
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Chinese joint-stock banks launched money market deposit accounts to compete with Internet finance companies and retain customers.
China CITIC Bank, one of the top 10 banks in the country, plans to co-launch a new money market fund with CITIC-Prudential Fund Management Co next week. It will allow customers to withdraw money from ATMs and pay by debit card via money market accounts just like normal saving accounts.
China Guangfa Bank began to sell a similar product in February.
The booming Internet finance market has caught lenders by surprise as deposits were shifted to Internet-based wealth management products.
“The Chinese version of money market deposit account to be launched by CITIC bank is likely to be a nice 'weapon' against the Internet financial products,” said Mao Yabin, analyst at consumer financial service company Bankrate Inc.
“Following the success of Alipay's Yu'ebao, similar Internet financial products have attracted massive media attention as well as significant funds from investors.”
Yu'ebao was a wealth management tool launched by the third-party payment service provider Alipay last June. Users can buy money market funds via Alipay and use the account to pay utility and credit card bills, as well as online purchases.
By the end of March, 47 Internet-based money market funds managed total assets worth over 1 trillion yuan (US$160.1 billion). The figure more than doubled from the end of last year and accounted for almost 70 percent of the market.
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