Chinese fund houses are increasingly selling products via smartphone, but marketing mobile platforms does not come cheap, and competition is heating up.
China’s first private internet bank WeBank has launched its mobile digital platform, which will distribute six actively-managed funds from China Universal AM and Bosera Funds.
Foreign managers applying for northbound fund passporting have been advised to start planning their sales and marketing campaigns immediately. A social media presence is seen as essential to success in China.
Chinese phone manufacturer Xiaomi aims to expand into equity index funds after launching its first mobile money market fund this week. It comes after several years of explosive growth in the sector, led by Alibaba.
A craze to digitise the lunar new year tradition of handing out lucky money in red envelopes is seen as a catalyst for internet and fund firms to link to savings schemes via social media.