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.
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