Ant Group’s bank adds stock trading to Alipay app in Hong Kong
Move comes weeks after Ant Group strengthened foothold in city’s brokerage market through acquisition of stake in Bright Smart Securities
The service allowed users to trade Hong Kong and US stocks and exchange-traded funds, as well as structured products including warrants and callable contracts, through the app’s wealth-management section, according to its promotional materials.
By integrating trading with existing functions such as payments, savings and fund investments, the app aimed to offer “one-stop” services for personal finance, the company said. The offering featured zero-commission trading for Hong Kong equities, no custody fees and free real-time market data access, the materials said.
The company also touted seamless fund allocation across consumption, savings and investment, as well as simplified account opening, leveraging AlipayHK’s existing user base.
In late March, Wealthiness and Prosperity Holding, Ant’s wealth-management affiliate, completed the acquisition of a 50.55 per cent stake in the Hong Kong-listed broker for HK$2.81 billion (US$369 million), highlighting its ambition to expand beyond payments and digital banking into full-fledged investment services.