Alibaba is looking to start a Hong Kong version of its enormously popular Chinese money market fund, which pays higher rates on renminbi deposits than are available on conventional accounts.
Its Alipay financial unit is in talks with the Hong Kong Monetary Authority about securing authorisation to offer a local version of its Yu’E Bao money market fund, which launched in June last year and has already attracted more than Rmb574bn ($94bn).
The move underscores Alibaba’s determination to take its template beyond China, now that it has completed its record $25bn initial public offering in New York.
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