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Banks and financial institutions face fresh challenges after the e-commerce giant buys a controlling stake in fund managerAlibaba’s planned purchase of a controlling stake in a fund management firm marks a new trend of internet firms making a foray into financial businesses, posing new challenges for banks and other financial institutions yet to fully embrace the internet era.self storageZhejiang Alibaba E-commerce is acquiring a 51 per cent stake in Tianhong Asset Management for 1.18 billion yuan (HK$1.5 billion), Tianhong’s second-largest shareholder Inner Mongolia Junzheng Energy & Chemical Industry said in a stock exchange filing on Wednesday. The deal is subject to approval by the fund manager’s shareholders and the securities regulator.If approved, it would turn Tianhong from a small fund manager into the largest on the mainland with 514.3 million yuan of registered capital, said Wang Qunhang, a researcher at Jian Financial Information’s fund assessment centre in Beijing.“Tianhong would also become the first fund manager whose largest shareholder is a private non-financial institution, marking the arrival of internet finance,” Wang said.Shares in Junzheng closed 10 per cent higher at 10.99 yuan yesterday, hitting the daily ceiling in Shanghai. Other firms with internet finance business also rose.“Internet companies are accelerating integration with financial institumini storageions,” said Li Zichuan, an analyst at consulting firm Analysys Enfodesk.Internet finance has been a hot investment theme since Alibaba’s online payment unit Alipay launched Yu E Bao in June to help Alipay’s 600 million customers convert spare cash into Tianhong’s money market fund holdings.The service attracted 2.5 million users and 5.7 billion yuan of investments in 18 days, making Tianhong the fund with the largest number of subscribers on the mainland, according to Alipay.Internet firms are also providing microcredits for online borrowers and some e-commerce companies are even opening their own banks, extending their foray to lending and wealth management.Guo Tianyong, a professor at the Central University of Finance and Economics, said: “Banks must team up with internet firms and push ahead with financial innovations in order to avoid turning into losers.”Banks are coping by improving e-banking services and calling for regulators to tighten the rules for new players.Yang Kaisheng, a former president of Industrial and Commercial Bank of China, wrote on Sina’s website yesterday that regulators should not tolerate the “wild growth” of internet finance.“Clients are more easily exposed to frauds and private information leakage while dealing through internet companies, and online fund distributors usually make less effort in disclosing investment risks,” he said.迷你倉