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Wealth management technologies changing the game in China
Wealth management technologies changing the game in China
New innovative wealth management technologies could change how Australian wealth management companies can better interact with clients in the coming years.
Open digital lifestyle platform Alipay, revealed that 82 fund management companies in China have collectively attracted over 120 million followers on their official corporate accounts on Alipay as of June 9, 2020.
Further, 128 of 143 fund management companies in China are now offering products and services on Alipay.
Chao Ly, the group’s general manager of financial institution partnerships said that Alipay saw fund management companies continue to increase their digital transformation in response to the COVID-19 pandemic.
Wealth managers in China were “increasingly using digital technology to offer ‘contactless wealth management’ services for their users,” he said.
Alipay is an open digital lifestyle platform which launched in 2004 as an escrow service to address the issue of trust between online buyers and sellers in the early days of e-commerce in China.
However, Alipay’s involvement in wealth management platforms came when it evolved from a payment tool to become a digital lifestyle platform.
In 2017, Alipay launched Caifuhao, a corporate account service powered by artificial intelligence on Alipay’s wealth management platform.
It allowed financial institutions access to a suite of AI capabilities and digital solutions, including better user connectivity, operational optimisation and smart marketing.
Alipay then added more features for wealth management companies such as incorporating a live streaming feature on Caifuhao to enable fund managers to better engage their mobile-savvy clients.
By leveraging these digital solutions, Alipay said fund management companies have successfully increased their operating efficiency, reduced costs, and yielded a good rate of reinvestment, with Alipay Caifuhao followers completing an average of six reinvestments every month.
In Australia, companies like fintech Airwallex are using similar innovations in payment technologies to assist digital wealth platforms.
Furthermore, this week, payments innovation platform provider Novatti (ASX: NOV), had also partnered with Alipay to streamline the process for their Chinese clients.
Novatti believes the platform is an innovative solution and stated that the integration into Alipay has led to an immediate increase in consumer enquiries, social media interaction and ultimately, more transactions on the ChinaPayments platform.
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