Yunfeng Financial Group Ltd. has created a robo-advisor application to manage the wealth of regular Chinese and Hong Kong investors.
This is a market segment traditionally that has been neglected not only by robo-advisor but also by banks and financial institutions.
Yunfeng is the financial services company backed by Alibaba-billionaire Jack Ma.
The service, called Youyu, targets anyone who has a bank account in Hong Kong with at least $800 to invest. Yunfeng expects to attract tens of thousands of investors by the end of this year.
Yunfeng joins a host of financial service outfits employing technology to home in on China’s financial markets. However, traditional private banks that target high net-worth individuals. Instead, Yunfeng wants to use the app to go after lower-income Chinese and Hong Kong investors who’re keen on buying securities overseas. That’s a market segment too costly for most traditional financial institutions to cover.