Fast Growing Yu’E Bao

YuE Bao （Leftover Treasure）， an Alibaba personal finance product launched in June 2013， has 49 million users with aggregate deposits of 250 billion yuan （$41 billion）， giving young people an option to channel their driblet savings into highinterest funds.

The number of users has soared in the first half January and deposits are up by 64.7 billion yuan， 35 percent， compared with the end of 2013. Six million new users have signed up， figures from Alipay and Tianhong Fund showed.

YuE Bao is an online fund established by Alipay， Chinas largest third-party payment platform and a subsidiary of Alibaba， together with the private Tianhong Fund.

Thanks to its cooperation with Alipay in YuE Bao， Tianhong Asset Management Co. Ltd. has overtaken China Asset Management Co. Ltd. to become Chinas largest fund company in terms of assets， according to industry figures.

UnionPay New Record

The total value of transactions via UnionPay bankcards totaled 32.3 trillion yuan （$5.3 trillion） in 2013， up 48 percent on 2012， according to data released by China UnionPay， the nations top bankcard association.

The association said the transaction surge could be mainly attributed to increasing daily consumer spending in department stores， supermarkets and gas stations.

The number of businesses， POS （point of sales） machines as well as ATMs in China that accept UnionPay cards increased 58 percent， 49 percent and 24 percent， respectively， last year.

As of the end of 2013， UnionPays services had covered 142 countries and regions， with over 11 million businesses and 1.1 million ATMs accepting UnionPay overseas.endprint