Begins Chinese Mutual Funds Payment Services

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Chinese third-party Internet payment company is expanding its footprint in the Chinese financial market by providing services to 37 mutual funds in China.

Shi Zhiyu, a spokesperson from Alibaba Group, told local media that has reached agreements with 37 funds and has submitted a related file to the China Securities Regulatory Commission. The spokesperson said that the specific cooperating model will be varied. However, in most circumstances, will offer payment services on the official websites of these funds.

Prior to this, Alibaba launched a new investment product named Yu'ebao on its Alipay platform, which allows users to buy money market funds. A money market fund is a mutual fund that invests in short-term debt securities and government bonds, featuring lower risk than other financial products. The first m...

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