By Paul Carsten BEIJING (Reuters) - 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. The approval marks a further step for Alibaba towards providing an alternative to China's tightly regulated traditional financial system. Alibaba affiliate Alipay, whose parent company Zhejiang Alibaba E-Commerce Co is controlled by billionaire Alibaba founder Jack Ma, said in August that it had partnered with 37 funds to offer wealth management products to its customers.
via Tech News Headlines - Yahoo! News http://news.yahoo.com/chinas-alibaba-launch-online-fund-sales-media-113735304--sector.html
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