Investment fund operation "Yu'E Bao" to stay online, Alipay
BEIJING, June 24 (Xinhua) -- Alipay, China's largest third-party payment platform, said on its official microblog that it would not suspend its "Yu'E Bao" service, China's first online investment fund aimed at individuals, and interests of Yu'E Bao users will be fully protected.
The statement was in response to regulator's requirement.
A spokesperson of the China Securities Regulatory Commission (CSRC) said on June 21 that Alipay has not filed some of the payment settlement accounts for the fund sales to the regulator for record keeping and required Alipay to complete the file recording within a certain time limit.
But the CSRC said the introduction of Yu'E Bao service provided investors more choices for their wealth management and was an innovative exploration in the market.
Alipay launched the Yu'E Bao service on June 13. The service gives Alipay's near-800 million users the option to directly invest with the private TIANHONG Fund using spare cash from Alipay accounts.
The annual earnings rate for investors in the fund is around 3 to 4 percent. Users can redeem funds at any time, and the capital can be used directly for online payments or transferred even without redemption. (Edited by Jiang Yujuan, firstname.lastname@example.org)