Alibaba-backed financial services firm Yunfeng has created a robo-advisor wealth management application aimed at lower-income investors in Hong Kong and China.
While Yunfeng has traditionally catered to wealthier investors, the Youyu app is targeting investors with a Hong Kong bank account and at least US$800 to invest. The goal is to attract tens of thousands of users of the service by year’s end.
A January survey by Hang Seng Bank in Hong Kong found that 70% of mainland Chinese investors plan to increase global allocation for investment this year.