Alipay launches retail investment fund

Alipay, China's largest third-party payment platform, on Monday launched the nation's first online investment fund aimed at individuals.

Analysts said the increasing popularity of Internet-based financial services will challenge banks' short-term financing business.

Alipay, owned by Alibaba Group Holding Ltd, will launch other financial services in the coming years, said Zu Guoming, director of the small and micro financial services group under the Alibaba umbrella.