Yifubao, the third-party payments unit of Suning Commerce (SZ:002024), reportedly planned to dip toes into fund and financial service industry on heels of Alipay’s Yuebao (source in Chinese).

A raft of Internet giants swarmed into the financial industry to capitalize on the online financial management mania agitated by Yuebao. JD.com announced that its online payment service will debut at the end of this year. Tencent’s Tenpay stroked a deal with China Southern Asset Management and Sina released Micro-Bank to tap into online financial sector.

Several online financial companies comes under spotlight, including Rong 360Renrendai1234567.com.cn’s Huoqibao and China Universal’s Xianjinbao. Internet finance is consisted of nearly ten sub-branches, such as online payment, loan and funds, according to China E-commerce Research Center. Industry insiders predicted that the future financial products will tend to address a specific vertical market to make the best use of short-term funds from customers.

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Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.