Chinese financial technology giant Ant Group plans to upgrade its fund portfolio services provision in a move that could bring it into direct competition with Bang Ni Tou, its roboadviser platform that it launched as joint venture with Vanguard.
Ant currently offers 13 fund portfolio services operated by 10 different Chinese fund houses, including six Sino-foreign joint ventures, that range from very conservative to riskier strategies, information from Alipay shows.
However, Huang Hao, president of digital finance business group at Ant, has said that China’s largest online wealth platform aims to supply more asset managers with proprietary artificial intelligence to allow them to offer discretionary roboadvisory services.
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