Initial approval for Suning's new fund trading
Updated: 2013-10-11 17:33
By YU RAN (chinadaily.com.cn)
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The fund company under Suning Commerce Group Co Ltd was approved by China Securities Regulatory Commission on Wednesday as a first move for it to entering the field of fund trading.
Nanjing Suning Yifubao Internet Science Co Ltd has obtained a permit to sell, pay and settle funds.
Along with the third-party payment certificate approved in June 2012, Suning is able to launch financial products of Yifubao, a similar platform to Alibaba Holding Group Co Ltd's Yuebao, a service allowing users to invest money stored online into a money market fund.
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