Ant and Vanguard target 900 million users

Financial juggernaut: Ant, controlled by billionaire Jack Ma, is a US$150bil juggernaut that operates everything from payments to money market funds and credit scoring. — AFP

SHANGHAI: Vanguard Group and Ant Financial’s joint venture is rolling out a new robo adviser to target the Chinese fintech giant’s 900 million users, a first step in winning a slice of the nation’s fast growing asset management business.

The venture started offering an automated service called “Bang Ni Tou” (Help You Invest), to capture people with at least 800 yuan (US$113) to place in mutual funds, the companies said.