The Paypers

In addition, 128 of 143 fund management companies in China are now offering products and services on Alipay.

In 2017, Alipay launched Caifuhao, a corporate account service powered by AI on Alipay’s wealth management platform, which gives financial institutions access to a suite of AI capabilities and digital solutions, including better user connectivity, operational optimisation, and smart marketing. By launching a Caifuhao account on Alipay, fund managers can provide users with tailored investor education and wealth management products. Moreover, in May 2020, Alipay incorporated a livestreaming feature on Caifuhao to enable fund managers to better engage their mobile-savvy followers.

In March 2020, Alipay announced a three-year plan to support the digital transformation of 40 million service providers across China and evolve from a platform that provides inclusive financial services to an open, vibrant digital ecosystem that offers users a gateway into a comprehensive digital lifestyle. In response to this, service providers and financial institutions are migrating or updating their services on the Alipay platform to better serve and optimise the user experience.

Fund management companies attract followers on Alipay