Ant Financial, Vanguard team on wealth management for Alipay users

Ant Financial, the operator of Alipay, entered an agreement with Vanguard to bring wealth management services to retail customers in China. 

Vanguard, based in Valley Forge, Pennsylvania, will offer money market funds and other investment options to more than 1.2 billion users of Alipay, via the Yu’e Bao, the cash management tool on the Alipay mobile app. 

Alipay users will be able to make investments with a minimum of RMB 800 ($113). 

“Alipay is committed to making finance more inclusive for individuals as well as small and micro businesses through technology, and we’re partnering with financial institutions around the world to achieve this by building an open and technology-driven ecosystem,” Eric Jing, chairman and CEO of Ant Financial, said in a company release. 

Topics: Mobile Apps, Mobile/Digital Wallet, Mobile Payments, Region: APAC

Companies: Ant Financial, Alipay

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