Following on the success of its Yu'ebao online money market fund and an increasingly large mobile payments base, Alipay has once again launched a financial investment product, and this time it's focused on gold. According to insider sources, this new investment product, called Cun Jin Bao, will be launched very soon in partnership with a large financial management company based in southern China. The price of the actual gold will be obtained from the Chinese Gold Exchange and will be linked the partners’ gold ETF, with RMB1 as the minimum investment amount. It is said that investors can buy gold without having to pay a commission.
Despite the Chinese love of gold, China's wealth management industry at least as far as gold is concerned, is very young with few products and services available for the average investor. Although it's still unclear if the product will be linked to its mobile Alipay wallet, this new gold offering from Alipay will almost certainly be a hit with domestic investors who are increasingly looking to diversify beyond just the typical financial investments of the stock market and real estate.