News Snapshot:
Chinese fintech Ant sidelines banks in distribution of funds targeting its IPO Reuters Friday September 25, 2020 07:55 Kitco News Share this article: SHANGHAI (Reuters) - As five Chinese mutual funds targeting Ant Group’s hotly-anticipated IPO kicked off subscriptions on Friday, retail investors found the only non-direct channel through which to buy the products was online payment platform Alipay. Alipay is controlled by the Chinese fintech giant itself, so the unprecedented arrangement, which sidelines banks and brokerages, highlights Ant’s clout in online sales and threatens to disrupt traditional fund sales models. “This is the first time banks are being excluded...
