Taobao.com is licensed to sell fund products

Taobao.com, China's leading online shopping platform, has become China's first Internet company licensed to sell fund products. [Photo/CFP]

Taobao.com, China's leading online shopping platform, has become China's first Internet company that is licensed to sell fund products.

According to a post published by the company's official micro blog on Thursday, Taobao.com has got the green light from the China Securities Regulatory Commission to sell fund products on its online marketplace.

Taobao.com launched an online fund products shop Friday morning, which is 10 days before its original plan. As many as 17 fund companies have started to sell their products via Taobao.com's online platform as of today.

It is still to early to predict the sales of fund products on Taobao.com, which is Alibaba Group Holding Ltd's core power engine. But it is safe to say that Taobao.com has offered fund companies an alternate channel to reach potential clients.

"As an online marketplace, Taobao.com does not want to stop at helping people spend their money. We want to help people manage their money as well," said Yuan Leiming, manager of Alibaba Microfinance Department.

Selling fund products on Taobao.com is not Alibaba's first attempt in China's Internet finance sector. Yu'E Bao, an investment service offered by Alibaba's Alipay, China's leading online payments provider, and Tian Hong Asset Management has become the largest money market fund in China within three months since it was launched in June.

We recommend

Baidu wealth management platform soon raises 1b yuan