Alibaba and the new face of finance in China

Bareksa.com - For Yuan Yue, a graduate student in international trade, moving all of her spare cash to an online investment fund called Yu'ebao was a no-brainer.The yield is even higher than a bank timed deposit, but a timed deposit ties up your money. So it's better to just keep it in Yu'ebao, because you can use the money anytime. So why keep it at the bank. Yu'ebao is conveniently linked to China's biggest online payment platform Alipay, owned by an affiliate of e-commerce giant Alibaba Group. So users can dip directly into Yu'ebao to pay for goods. It's been such a success that the fund management company that helped launch Yu'ebao, Tianhong, has gone from near obscurity to China's biggest in terms of assets under management in just months. (Source : Reuters)