Yifubao, the e-payment affiliate of Suning Commerce Group Co Ltd, China's leading home appliance retailer, said it will officially launch the company's first investment service on Wednesday, expanding into China's emerging Internet finance sector.
The investment service, named Lingqian Bao, which means "pocket money treasure", will allow Yifubao users to invest money in their accounts, buy fund products from either GF Fund Management Co or China Universal Asset Management Company Limited, and get a higher interest rate than from typical bank deposits.
Suning's Lingqian Bao shares many similar features with Alipay's Yu'E Bao, which practically marked the beginning of China's Internet finance sector.
Yu'E Bao, which was launched in June, had about 43.03 million customers by the end of December. Within five months since it was launched, Yu'E Bao had emerged to become the largest money market fund in China, managing 185.33 billion yuan ($30.67 billion) by the end of 2013.
The success of Yu'E Bao encouraged several other Internet companies, including Baidu Inc, to launch similar financial offerings in 2013.
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263 Registration Number: 20100000002731 
