Mar 27, 2019 (China Knowledge) - Mobile payments giant Ant Financial has seen asset under management for its Yu’e Bao online cash management platform grow by 80 times for the 13 money market funds offered on its platform.
As of end 2018, the platform has RMB 1.13 trillion in net assets, making it the largest money market fund in the world. Yu’e Bao which was set up to manage transactions between Alibaba’s Taobao and Tmall marketplace in 2013 has exploded in popularity recently following to boom in e-commerce and mobile payments across China.
Last May, the company added more funds to its Yu’e Bao platform in order to cater to different requirement and needs among its users, turning it into a platform to manage spare cash on its Alipay mobile app with 20 funds in total.
Ant Financial attributes the success of its money market funds to its use of big data analysis which allows the company to accurately make liquidity predictions to help its fund managers plan and execute their investment strategies.
Currently, the fastest growing fund on the Yu’e Bao platform is Hua An Ririxin Currency A which is up nearly 420 times since May last year with a seven-day annualized return of 2.545% as of Monday this week.
Copyright © 2018 www.chinaknowledge.com
Send feedback or comments to: firstname.lastname@example.org
For more news, financial weekly reports, business guides to China and other premium information, subscribe to China Knowledge today: www.chinaknowledge.com
To access our page on Bloomberg, type CKFI