Alipay, the online payment service arm of China’s e-commerce giant Alibaba, is now working with a fund management company to offer an online wealth management product that allows customers to invest in gold from December 23, news portal techweb.com.cn reported on Monday.
Alipay and its unnamed partner are in the final stage before rolling out the new service, said the report, citing unnamed sources.
Customers could invest in gold according to prices set by the Shanghai Gold Exchange without having to pay a commission charge.
Alibaba cooperated with Tianhong Asset Management Co on an online monetary fund called Yu’ebao, which had aggregate deposits about 535 billion yuan ($86.41 billion) in the third quarter, Tianhong announced on October 24