Alipay, China's leading online payment provider, will jointly launch a new wealth-management product with five Chinese fund companies in the coming months, according to media reports.

A Shanghai's Oriental Morning Post report on Wednesday said Alipay, an e-payment affiliate with Alibaba Group, is working with China Southern Asset Management, ICBC Credit Suisse Asset Management Co Ltd, Tebon Fund, SSGA Fund and E Fund Management Co Ltd on a new wealth-management product, which is expected to be launched between late December and late January.

The product, named Zhaocai Bao, is reported to be a short-term wealth-management product, which requires investors to deposit their money over a period ranging from seven days to 90.

The wealth-management product is seen as Alipay's second major move into Internet finance. Yu'E Bao, an investment service offered by Alipay and Tian Hong Asset Management, has become the largest money market fund in China within four months since it was launched in June.

According to statistics released by Tian Hong, Yu'E Bao had 55.7 billion yuan ($9.2 billion) in assets under management and more than 13 million customers by the end of September. Yu'E Bao's total assets grew tenfold between June 30 and Sept 30.