BEIJING, June 23 (Xinhua) -- Eighteen foreign-fundedasset management (AM) giants including nine of the world top 20 have opened digital offices on Alipay, a household name of online payment service in China, by Monday, according to Ant Financial Services Group, a fintech arm of Alipay.
Currently, global AM giants are speeding up their paces of digging gold in China alongside the country's ongoing opening up of its financial industry.
These foreign-funded AM institutions include Vanguard, Fidelity International and Schroders or their affiliates, aiming to provide global investment education services for investors in China.
Industry insiders said foreign-funded AM institutions took the move mainly to prepare for providing more global assets allocation services for wealth management clients on Alipay in the future.
Fidelity International is the first foreign AM institution that opened an account on Caifuhao, a corporate account service powered by artificial intelligence (AI) on Alipay's wealth management platform.
As Li Shaojie, managing director of Fidelity International China region introduced, the company submitted its formal application for publicly-offered fund business and hoped to extend its cooperation with Alipay's wealth management platform in the future.
Statistics showed that Alipay has forged partnership with more than 300 financial institutions such as banks, fund management firms, insurers and securities brokers to provide over 6,000 wealth management products for more than 600 million users. (Edited by Duan Jing with Xinhua Silk Road, firstname.lastname@example.org)