The Digital Source For China's Tech Innovation Since 2000

Search
Close

Taobao.com Gains License To Sell Investment Funds And Financial Services Online

November 8, 2013
Internet

Alibaba Group's Internet shopping subsidiary Taobao.com has gained a third-party payment license for funds issued by the China Securities Regulatory Commission.

This makes Taobao the first third-party e-commerce platform to provide services to fund sales organizations in the Chinese Internet industry.

At the same time, Alibaba announced that 17 funds have opened their online stores in the financial management channel on Taobao.com. Those fund stores provide various products, including money market funds, bond funds, stock funds, and hybrid funds, offering one-stop services for account openings, order placements, payments, and investment management.

Under the provisions of related Chinese supervision organizations, consumers who buy funds on Taobao.com must be above 18 years of age and complete a real-name registration on Alipay.com.

Yuan Leiming, general manager of the financial management business unit of small and micro financial services group at Taobao, said that on Taobao.com users only need to buy funds as products, and do not need to navigate the financial jargon or the complicated process on fund websites. In addition, by using big data, Taobao.com will be able to decide the risk appetite of users and realize one-click account opening and risk warnings to primary financial users.

Considering the risk factors, Taobao.com will limit investors' purchase amount of equity funds and the purchase limit of a single equity fund will be up to CNY2,000. Meanwhile, the purchases of money market funds and bond funds does not have such limits.

Tags: Alibaba | Alipay | B2B | B2C | bank | big data | China Securities Regulatory Commission | Cloud Computing | CSRC | e-commerce | finance | fund | Internet payment | Internet shopping | loan | online payment | online shopping | SME | stock | Taobao.com

Other Related News:

Forget What the Analysts Say and Check out Trade Data for Taiwan Semiconductor Manufacturing Company Limited (TSM)

November 19, 2021

Powerbridge Technologies Set To Launch Bitcoin And Ethereum Mining In Hong Kong

October 10, 2021

Linktone Bids Farewell To Its CEO, CFO, COO In China

May 29, 2009

Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) Position Trimmed by Intermede Investment Partners Ltd

August 18, 2021

Greenleaf Trust Cuts Stock Position in Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) Dakota Financial News

January 30, 2022

'Game changer': Laos opens Chinese-built railway line,

December 3, 2021

Cryptocurrency crime at record levels in Hong Kong; victim loses HK$124 million

August 2, 2021

Tesla Deliveries Due After Shanghai Production Woes; Tesla Stock Hits Resistance – Investor's Business Daily

June 28, 2022

News Corp. says it was hacked; believed to be China-linked

February 5, 2022
  • Contact Us
  • About Us
  • Corrections and Disclosure
  • Privacy Policy
  • Terms & Conditions
Menu
  • Contact Us
  • About Us
  • Corrections and Disclosure
  • Privacy Policy
  • Terms & Conditions
© 2022 ChinaTechNews.com. A Service of Asia Media Network.
Twitter
Posting....