Comment on 49 million Alipay Users Have Contributed to Mutual Fund Yuebao. WeChat Adds A Me-too One. by WeChat Enables One-click Payment and Money Transfer Between Users | TechNode

['Tracey Xiang', 'More Tracey Xiang', '.Wp-Block-Co-Authors-Plus-Coauthors.Is-Layout-Flow', 'Class', 'Wp-Block-Co-Authors-Plus', 'Display Inline', '.Wp-Block-Co-Authors-Plus-Avatar', 'Where Img', 'Height Auto Max-Width', 'Vertical-Align Bottom .Wp-Block-Co-Authors-Plus-Coauthors.Is-Layout-Flow .Wp-Block-Co-Authors-Plus-Avatar'] Comments for TechNode 2014-01-17 00:00:00

When WeChat stealthily launched a Yuebao clone, named Licaibao (means a powerful tool for financial management) a couple of days ago, Alipay announced that 49 million Alipay users had contributed 250 billion yuan (roughly $41 bn) to the mutual fund Yuebao as of January 15. The mutual fund that shows returns daily and can be withdrawn anytime for online shopping became an immediate hit in China’s financial industry and Internet industry in 2013. At the end of 2013, THFund became the second biggest mutual fund company in terms of the total assets under management. Now Alibaba, the controlling shareholder of the mutual fund company, claims THFund has become the largest only half a month after 2013. Also Tencent has invested in online financial services or companies such as HOWbuy.