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| Assets of fund management platform Yu'E Bao top $16.4b |
Managed assets of Yu E Bao, the fund management platform under Alipay, the country's largest third-party payment platform, have passed 100 billion yuan ($16.4 billion), the company said on Friday.
The money market fund has become the nation's largest public fund to top 100 billion yuan and ranks 51st globally, according to a company notice on its official micro blog.
Alipay users are entitled to directly invest cash from their Alipay account into a money market fund managed by Tianhong Asset Management Co, which promises higher returns than those offered by banks and provides much more flexibility.
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