Yifubao, the e-payment affiliate of Suning Commerce Group Co Ltd, China's leading home appliance retailer, said it will officially launch the company's first investment service on Wednesday, expanding into China's emerging Internet finance sector.
The investment service, named Lingqian Bao, which means "pocket money treasure", will allow Yifubao users to invest money in their accounts, buy fund products from either GF Fund Management Co or China Universal Asset Management Company Limited, and get a higher interest rate than from typical bank deposits.
Suning's Lingqian Bao shares many similar features with
Yu'E Bao, which was launched in June, had about 43.03 million customers by the end of December. Within five months since it was launched, Yu'E Bao had emerged to become the largest money market fund in China, managing 185.33 billion yuan ($30.67 billion) by the end of 2013. The success of Yu'E Bao encouraged several other Internet companies, including Baidu Inc, to launch similar financial offerings in 2013.
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