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Invesco struck an agreement last year to add a mutual fund to Alibaba's Yu’E Bao wealth management platform which allows the 700m annual users of Alipay to shift money from online bank accounts into investment funds.
The Yu’E Bao wealth management platform, which translates to “Account Balance Treasure”, began as a money-market fund but has morphed into a platform for investment funds managed by third-party asset managers such as Invesco. The switch occurred after Chinese authorities grew concerned that the fund posed a systemic risk after becoming the world’s largest money market fund. Alipay is owned by Ant Financial, the financial services arm of Alibaba.
https://www.ft.com/content/b2d9a7ba-7bd2-11e9-81d2-f785092ab560
