In July of this year, the Chinese ecommerce company Alibaba announced that its one year old mutual fund Yu’e Bao had over 100 million investors and held RMB 574 billion US$92 billion in assets. On that basis, Yu’e Bao is the fourth largest money-market fund in the world. This is only the beginning of what will likely be a continued challenge to the financial services and banking industry from the technology sector.
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