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Ping An's mobile app targets rich

By Gao Songya and Hu Yuanyuan | | Updated: 2016-12-20 16:29

Ping An Insurance will target China's richest individuals using the latest version of its financial services mobile app.

The business strategy is compatible with an increasing demand for proper wealth management among the ever increasing wealthy in China.

The recently released Caifubao version 3.0 allows users to trade online.

Swiss financial services company Credit Suisse estimates that China accounts for 8.5 percent of the global wealth market, ranking third after America and Japan.

According to Caifubao's general manager Jia Min, more than half of China's high-net-worth individuals are aged between 30 and 49, which aligns with the mobile app's most active users, who are between 35 and 45 years old.

Besides its existing high-net-worth users, Caifubao is also attracting young people to ensure sustainable growth.

"Hard-working young talents will grow into wealthy customers or even high-net-worth individuals with early financial planning provided by us," Jia said.

The mobile app has been used for online trading by nearly 700,000 out of 6 million registered users and made about 350,000 yuan($50,356)of per capita investment.

Ping An has also attempted to distinguish Caifubao's services and products from its rivals, by offering structured products based on the current investment environment, and customizing asset allocation according to the customers' previous transaction records.

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