The past year has brought significant disruption to China’s financial landscape, with internet heavyweights Alibaba and Tencent leading the charge into mobile payments, deposit-like savings products, and even fully fledged banking.
Chinese policy makers have said that internet companies can play a positive role in enhancing customer service, spurring innovation and increasing competition in financial services.
Competition began in mid-2013 with the launch of Yu’E Bao, an online money-market fund. Run by Alibaba, the financial services affiliate of ecommerce group, the fund offers cash on demand but also provides higher interest rates than those available on bank deposits.
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