Ant Group Co. created an investment advisory platform on its Alipay app, allowing companies that offer robo adviser services to reach its 1 billion users.
Five Chinese asset management companies debuted on the platform known as Tougu Guanjia, which means investment advisory manager. Users will be able to chose robo advisory services from the platform that functions like a supermarket.
The service is in addition to Ant’s existing joint venture with Vanguard Group Inc. and helps it further expand in the robo advisory industry that’s expected to reach $1.1 trillion by 2027 in China. Ant functions as a pipeline and helps verify user identity.
The five asset managers include Harvest Fund Management Co., Southern Asset Management Co., Zhong Ou Asset Management Co., E Fund Management Co., and China Asset Management Co. All of the companies won licenses from the Chinese securities regulator to offer investment advisory services in 2019.
A total of 18 companies are approved by the China Securities Regulatory Commission to offer fund investment advisory services in the country.