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Yu’ebao, a mutual fund launched in June 2013 for Alipay users, is regarded one of the most important developments in China’s financial markets during the last year. It makes purchasing mutual funds far easier than before, as users need only open its page on Alipay and deposit money, without the need to file papers with traditional financial institutions. A mutual fund company in which Alibaba has a majority interest is managing the fund. One year after launch, over 100 million users have purchased RMB 574.1 billion (US$92 billion) worth of Yu’ebao funds, according to Alipay. In April this year, Zhao Cai Bao, a platform for third-party financial institutions to launch online products like Yu’ebao, from insurance and small loans, for individuals or SMEs, was launched.

Ant Financial is building a credit scoring system leveraging purchasing and user data collected by Alibaba marketplaces, which is expected to help financial institutions including Ant Financial itself make credit decisions.

Ant Financial Services Group received regulatory approval to set up a private bank, named MYbank, this September.