China's Alibaba to launch online fund sales service: media

Alibaba Group Holdings has secured approval from the China Securities Regulatory Commission (CSRC) to act as a third party for the online sale of fund products, local media group Caixin reported on its website. The fund products will soon be available on Alibaba's Amazon-like Taobao website, according to the report. No-one at Alibaba was available to comment. The approval marks a further step for Alibaba towards providing an alternative to China's tightly regulated traditional financial system.

via Business News - Yahoo Finance http://finance.yahoo.com/news/chinas-alibaba-launch-online-fund-113735126.html