On Tuesday, Ant Financial launched an investment advisory service called Bangnitou on its third-payment platform Alipay in partnership with US-based asset manager Vanguard, targeting individual investors in China with an entry barrier of RMB 800 (USD 113).
Bangnitou’s artificial intelligence system can allocate one’s cash into equity funds, bond funds, and money market funds proportionate to one’s risk preference and, in return, charges a fee of 0.0014% of total assets under management per day.
The service comes three months after Ant Financial and Vanguard set up a partnership in December 2019.
Before adding Vanguard to Alipay, Ant Financial said in June last year that they already have over 80% of China-based asset management companies on their platform, offering over 4,000 wealth management products, KrASIA reported.
This article is part of KrASIA’s “China Brief” section, where KrASIA’s reporters will provide quick daily updates about the tech ecosystem in China.