Taobao offering online funds

Taobao.com, an online marketplace owned by e-commerce giant Alibaba Group Holding Ltd, wants to help people manage their money by offering fund products.

Taobao.com, which gets 100 million daily visits on average, on Friday opened a vertical site named Licai, which means financial management in English, offering shoppers a convenient way to buy fund products.

At least 17 Chinese fund companies have started to sell money market funds, and bond and stock funds through Taobao.com, according to a press release from Alibaba on Friday.