Technology to help in investment:Robo-advisory service becoming popular in China for investment advice, more than 1 million investors become users in a year
Software based Rob-Advisory service is becoming very popular for investment advice in China. More than a million users have been added over the year with Robo-Advisor Service, a joint venture by veteran businessman Jack Ma's company Ant Group and America's Vanguard Group. The name of this robo-advisory service is PurpleTou, which means 'help you in investment'. To join this service started in April last year, an investment of at least 800 yuan (about 9 thousand rupees) is required. PurpleTou recommends creating a portfolio by choosing from 6000 mutual funds based on the user's risk appetite and investment goals. The mutual fund market in China is $ 32 trillion. In view of this, the Vanguard Group has joined hands with the Ant Group. Researchers estimate that given the way in which there is a trend in China about robo-advisory, the robo-advisory market here could go above $ 1 trillion in the next 5-6 years. PurpleTou's asset under management ros...