SCMP on Yu'e Bao MMF Platform
The South China Morning Post writes "World's largest money market fund posts 80 times average return, powered by technology and big data analysis." They explain, "Ant Financial Services Group, which operates online payments for the world's largest e-commerce platform, has reported an average growth rate of 80 times for the 13 money market funds on its Yu'e Bao online cash management platform. That has boosted assets for the distribution platform which was originally known for the Yu'e Bao money market fund operated by Tianhong Asset Management. The fund had 1.13 trillion yuan (US$168 billion) in net assets at the end of 2018, making it the world's largest, according to figures provided by Tianhong, which is 51 per cent owned by Ant Financial, which operates the service Alipay. Alibaba Group Holding, the parent of Ant Financial, also owns South China Morning Post." The article adds, "With the phenomenal growth at Yu'e Bao, tracking the boom in online shopping and smartphone-enabled e-payments across all aspects of daily life in China, Ant Financial moved to expand its offering of money market funds. The e-payment platform has since last May added more funds on to Yu’e Bao, growing it into a platform for managing spare cash within the Alipay mobile application, with 20 funds in total."
