Yifubao, the third-party payments unit of Suning Commerce, reportedly planned to dip toes into fund and financial service industry on heels of Alipay’s Yu’ebao.

A raft of Internet giants swarmed into the financial industry to capitalize on the online financial management mania agitated by Yuebao. JD.com announced that its online payment service will debut at the end of this year. Tencent’s Tenpay stroked a deal with China Southern Asset Management and Sina released Micro-Bank to tap into online financial sector.

Source: TechNode