Alipay fund sees over 2.5 million users
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E-mail China.org.cn, July 2, 2013
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Alipay's online fund - Tianhong Zenglibao - now has more than 2.5 million registered users despite the fund still faces potential regulatory hurdles.
The users have transferred more than 6.6 billion yuan (US$1.1 billion) into the market fund which may help them earn a return from investments made by the mutual fund.
Hanggzhou-based Alipay, China's largest third party payment platform, said in a statement yesterday that so far up to 1.6 million payments for online orders on Taobao have been made from the mutual fund accounts held by Alipay users.
The China Securities Depository and Clearing Co Ltd said 44.2 million domestic investors have opened mutual fund accounts by the end of May.
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