Ant Financial gears up for more wealth management

Ant Fortune, the wealth management app run by the internet finance major Ant Financial Services Group, is gearing up to provide more options for China's grassroots investors.

Ant Fortune, which began its online wealth management service from Yu'ebao, the largest monetary fund in China, said on Thursday that it would launch a so-called 4S solution to better serve small investors who lacked a deep understanding and abundant experience in wealth management.

The 4S solution stands for "step by step investment portfolio building", matching investment demands with offerings via artificial intelligence, schooling and educating investors as well as combining wealth management with more scenarios, such as shopping and entertainment.

Eric Jing, president of Ant Financial, said there was huge demand among people in China for help to manage their wealth and get better returns. "But because they don't have enough time, enough money, enough knowledge in the field and don't dare to take the risk, so their needs have not been satisfied," he said.

"We've been keeping cooperation with financial organizations to bring innovation to wealth management products in order to better serve the need from the mass population," he said.

Ant Fortune has gained 25 million users since it was launched in August 2015. About 81 percent of users are who are aged under 36. About 71 percent of it users invest less than 1,000 yuan ($150) each time via the app.