互联网改写中国金融版图.docxVIP

互联网改写中国金融版图 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. Assets under management at Yu’E Bao reached Rmb599bn ($96bn) by the end of 2014, making it China’s largest money-market fund. Tencent Holdings, the gaming and social networking group, and Baidu Inc, the search provider, have also launched similar products. In addition to higher yields, the money-market products have lured depositors away from traditional banks by integrating them with these companies’ mobile-payment services. Customers can use their Yu’E Bao credit to make purchases on Alibaba’s Taobao and Tmall ecommerce platforms, as well as for paying credit card and utility bills. Alipay, Alibaba’s mobile-payment service, is also increasingly accepted at food shops. Last year, taxi-hailing apps became the locus of a fierce battle for mobile-payments market share. Alibaba-backed Kuaidi Dache has vied with Tencent-backed Didi Dache for pole position. Meanwhile, Baidu haspurchased a stake in US car-hailing company Uber. Both Alibaba and Tencent spent tens of millions of dollars on hefty rebates to riders and drivers for paying taxi fares with Alipay and Tenpay, respectively, instead of cash. Meanwhile, Tencent, which until recently had a minimal presence in ecommerce, has enhanced its popular WeChat instant messaging app to allow brands to sell products directly through their WeChat ac