HANGZHOU, China--(BUSINESS WIRE)--Ant Financial Services Group (“Ant Financial” or “the Company”) today announced that 14 newly approved target-date retirement funds will be made available on the Company’s wealth management platform, Ant Fortune.
On August 6, 2018, China Securities Regulatory Commission (CSRC) approved the launch of the first batch of 14 target-date retirement funds operated by leading Chinese asset management firms including China AMC, Bosera Funds, GF Funds Management and ICBC Credit Suisse Asset Management. The funds are designed to stimulate the growth of personal retirement savings and complement China’s existing pension system.
After the asset management companies complete an initial preparation phase, Ant Fortune users will be able to subscribe to the approved funds.
Guoming Zu, Vice President of Ant Financial's Wealth Management Business Group said, “Ant Fortune is dedicated to advocating healthy investment habits and providing access to a diverse range of financial products and investor education initiatives. Target-date funds are specifically designed to encourage individuals to save for retirement and plan for the long term. We are pleased to work with asset management partners to make them available to our users.”
Some asset management companies offering target-date funds, such as China AMC, Bosera Funds, GF Funds Management and ICBC Credit Suisse Asset Management have established corporate Caifuhao accounts on the Ant Fortune platform. Launched in 2017, Caifuhao accounts provide fund managers a channel to better connect and engage users, as well as enable them to provide more customized wealth management services for investors.
Ant Fortune provides a range of AI-powered services for Caifuhao account holders, including operational optimization, smart marketing and content generation as well as compliance and risk management. 27 asset management companies have leveraged these services to increase their operational efficiency by 70%, while reducing their overall operational costs by 50%. These asset managers have also benefited from a 10-fold increase in the number of daily visitors, a three-fold increase in the amount invested by returning customers, and an 89% increase in the average holding period of individual investors.
Since Ant Fortune’s establishment in 2015, all of the 116 mutual-fund asset management companies in China have signed up to join the platform. As a result, over 4,000 wealth management products have been made available to tens of millions of Ant Fortune users.
About Ant Fortune
Launched in 2015, Ant Fortune serves as a comprehensive wealth management platform that caters to individual consumers with little financial management expertise. In the past, a vast majority of wealth management products were designed for high-net worth investors and portfolio management which requires both time and expertise. Ant Fortune aims to provide investment options for those who have little time or know-how to increase their wealth by lowering the threshold of participation.
About Ant Financial
Ant Financial Services Group is dedicated to using technology to bring the world equal opportunities. Our technologies, including blockchain, artificial intelligence, security, Internet of Things and computing, empower us and our ecosystem partners to serve the unbanked and underbanked, bringing more secure, transparent, cost-effective and inclusive financial services to individuals and SMEs worldwide.
Ant Financial has formed international partnerships with global strategic partners to serve local users in those markets, and we serve Chinese travelers overseas by connecting Alipay with online and offline merchants in popular destinations. By the end of March 2018, together with its global JV partners, Ant Financial served 870 million users worldwide. Brands under Ant Financial Services Group include Alipay, Ant Fortune, Zhima Credit, MYbank and Ant Financial Cloud.
For more information on Ant Financial, please visit our website at www.antfin.com or follow us on Twitter @AntFinancial.