Photographer: Qilai Shen / Bloomberg
Photographer: Qilai Shen / Bloomberg
The robo-consultant service with support Vanguard Group Inc. and The Ant Group Co. has reached a million users, hitting an important milestone while the U.S. mutual fund giant promises to succeed in China on the joint venture.
BangNiTou, which stands for “help you invest,” has become China’s most popular asset investment advisory service based on customer numbers, the company said. The minimum investment requirement of 800 yuan ($ 123) has helped attract consumer interest since it began in April last year.
Vanguard announced this month that it would abandoned its separate asset strategy, shifting resources to the joint venture for a larger slice of each other’s $ 3.2 trillion asset share. BangNiTou recommends choosing a package from 6,000 currencies apart, after assessing the consumer’s risk appetite and investment horizon.
China’s robotic consulting market is expected to reach $ 1.1 trillion in 2027, according to Research and Markets. Traditional financial institutions and a series of fintech startups are preparing up to seize market share, including state-backed giants such as Industrial & Commercial Bank of China Ltd.
Funds under BangNiTou management jumped 60% to 6.9 billion Yuan as of the end of February from the end of last year, someone familiar with the case has said.
“China’s robo consulting business is still at an early stage. However, there is great potential for rapid growth, ”said Huang Hao, president of digital finance business group Ant.