Ant Group created an investment advisory platform on its Alipay app, allowing companies that offer robo adviser services to reach its 1 billion users.
Five Chinese asset management companies debuted on the platform known as Tougu Guanjia, which means investment advisory manager. Users will be able to choose robo advisory services from the platform that functions like a supermarket.
The service is in addition to Ant’s existing joint venture with Vanguard and helps it further expand in the robo advisory industry that’s expected to reach
The five asset managers include Harvest Fund Management, Southern Asset Management, Zhong Ou Asset Management, E Fund Management, and China Asset Management. All of the companies won licenses from the Chinese securities regulator to offer investment advisory services in 2019.
A total of 18 companies are approved by the China Securities Regulatory Commission to offer fund investment advisory services in the country.
