Alipay's AI wealth tech platform adopted by China's asset managers

Source: Alipay

On June 20, 2019, Ant Fortune, Alipay’s wealth management platform, announced that 80 of all 124 asset management firms in China, or six out of ten, have been using the company’s AI-powered corporate Caifuhao accounts to reach more customers with better customized offers, at a lower cost.

On June 14, 2017, Ant Fortune launched Caifuhao, a corporate account offering on the Ant Fortune platform that gives financial institutions access to a suite of AI capabilities and other services, including better user connectivity, user profiling, operational optimization and smart marketing. These capabilities translate into increased operational efficiency and reduced costs for financial institutions. Since its launch, the number of asset management companies using Caifuhao has seen robust year-on-year growth and it has led to significant improvements in the volume of user transactions as well as operational efficiency.

As of June 2018, 27 asset management companies had leveraged Caifuhao’s AI capabilities to increase operational efficiency by 70%. By June 2019, that number had nearly tripled, with 80 asset management companies increasing their operational efficiency by 80%. In addition, these 80 asset management companies have recorded an average of 70% growth in the number of transacting users since they opened Caifuhao accounts on Ant Fortune.

“AI is reshaping the wealth management sector,” said Hao Huang, President of Digital Finance Business Group at Ant Financial. “Using technology, Ant Fortune supports asset management companies to make tailored products and services more accessible to ordinary users.”

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