Ant Fortune offers tailor-made wealth management service
Ant Financial's wealth management platform Ant Fortune said it has teamed up with 80 asset management firms to deploy its artificial intelligence-powered capability to offer tailor-made wealth management service.
Huang Hao, president of Digital Finance Business Group at Ant Financial, said that the wealth management products and investment service will not be limited to high-net worth investors and portfolio managers.
"We want to use technology to support asset management companies to come up with tailored products and make services more accessible to ordinary users, through better user connectivity and smart marketing," he noted.
It will combine financial know-how, algorithm and user behavior analysis to help brokerages, fund companies and private equity firms and insurers to better target potential investors through Ant's platform.
The Yu'E Bao money market fund, offered by Tianhong Asset Management, now has 600 million users, who use it as a handy cash-management tool through Ant's popular mobile wallet Alipay. Ant Fortune hopes wealth management firms will better leverage these users' payment and investment preferences to expand their presence and attract more investors.
Some 40 companies, which began using the Ant Fortune platform two years ago to curate and publish their own financial and wealth management-related content and interact with investors, have seen an improvement in the volume of user transactions as well as operational efficiency.
By June this year, asset management companies had recorded an average 70 percent growth in the number of transacting users since they opened their accounts on Ant Fortune.
More than 100 asset management companies are offering over 4,000 wealth management products on Ant Fortune.
A virtual assistant will also be available for Alipay users to assess their own risk awareness and optimize their investment strategy, and Ant expects it to become an industry-wide application that will be used by more companies and organizations.