19 April 2019

Taobao gets nod to to sell investment funds online, paper says

Alibaba Group Holdings’ has become the first third-party e-commerce platform in China to gain regulatory approval to sell investment funds online but the launch date has not been determined, National Business Daily reported Friday, citing a company insider. Alibaba’s Alipay will also provide online payment services for the funds traded on Taobao. Thirty-two fund management firms have already set up home pages on Taobao, and 14 of them will be in the first batch to launch the service, with four based in the country’s south, five in Shanghai and five in Beijing, the report said, citing China National Radio.

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