The development and regulation of fintech in China was a hot topic at the Boao Forum for Asia yesterday, with peer-to-peer lending and robo-advice both on the agenda.
Eastmoney, the owner of China’s biggest online fund sales platform, is awaiting regulatory approval to set up a mutual fund house, which would make it the first such company to do so.
The Chinese manager is readying an equity fund, but does not plan to bring its Yu’ebao money-market product to Hong Kong. Its vice-general president also spoke about online distribution challenges.
The mainland firm has overtaken long-standing leader ChinaAMC in terms of assets under management thanks to its internet finance product, but Tianhong lags most rivals on profitability.