Young investors take a shine to online products
percent Wu Jiali, a bank account manager.
“For some online products, the minimum requirement starts from 1 yuan. Also, users are able to manage their investment anytime as long as they have an internet connection. In contrast, banks have strict working hours even for online services.”
Wu said another benefit of online wealth management products is the variety they offer. Profits are generated online over years or in less than a month, which gives the users more flexibility on their assets.
Neil said new regulations on online financial services released last year by the government have also increased the popularity of such products, creating a sense of security.
According to the Chinese Salary Report published by the Chinese Academy of Social Sciences, 11.5 percent of the Chinese surveyed showed willingness to invest in online products. With the average salary almost tripling from 2004 to 2015, the market for online wealth management products will soar to 16,740 billion yuan in potential sales or investments, with a growing number of young people looking for alternative investment options.
That could also pose challenges to both the traditional financial services sector and the fintech industry.
of the Chinese surveyed showed willingness to invest in online products