friday 5 | digital finance & wealth management in china ::
Friday, February 20th, 2009
:: Chinese netizens have a plenty of options when it comes to spending money online, but their choices are more limited when it comes to managing their finances. Similarly, there’s tons of information about investment and the stock market, but not as much about other aspects of financial planning.
Here are a few different types of websites and services that Chinese netizens are using for wealth and personal finance management:
household budget websites ::
A large number of websites have sprung up in the past few years to help Chinese netizens manage their household finances. Zhangke (账客网) is a typical example. Its name is formed from the word zhang, “account,” and ke, a common suffix used in Chinese Web2.0-related terms. Together, the term means something like “accounster.” The URL means “I’ve tallied it!” The clean-and-simple site offers monthly plans for entering data via mobile phone, and it provides functionality for discussing consumer-related topics, posting expenditure diaries, and finding other consumers in your city. Caakee (财客在线) was founded in early 2006 and targets white-collar workers between the ages of 25 and 35. It has a large feature set, including the ability to handle stocks, funds, and credit cards, and to export all data in an Excel file for offline applications. Caakee founder Tian Keshan is a young entrepreneur who recently appeared on an Apprentice-like Shanghai TV show called No Free Lunch. My Money (网上理财记帐) features an extensive list of capabilities that includes rolling stock quote updates and foreign exchange accounting for 26 different currencies. It lists frequent system updates: in May it launched version 3, in September version 4, and in November version 4.5. There are far more of these sites than can easily be summed up here, but you can find twenty of them listed here on Parandroid, a blog devoted to lists of software and web technologies.
financial blog sites ::
Many investment and financial planning experts blog on hosts designed to bring together bloggers on financial topics. CNStock’s blog platform hosts wildly popular stock bloggers who have mirrors across all of the major blog providers as well as other writers who address less exciting financial issues. This is to be expected, according to a recent post by Tang Xuefeng, a financial consultant who blogs on CNStock and writes columns about personal finance for the financial channels of other portals. Tang notes, “China’s financial sector is mainly Investment right now, and Personal Finance is lacking. People chase headlong after profit and are unconcerned with rational, practical planning and management of risk, benefits, resources, and goals.” Caixun (财讯) is a financial portal associated with the Beijing-based Shihua International Financial Information (世华财讯). It’s a large, cleanly-designed site that provides news and analysis, as well as exclusive commentary from experts (mostly on investment and market-relate issues). A large personal finance section offers extensive archives of relevant background information, reports, and reviews of financial products on offer from China’s major banks. Associated BBS discussion forums and blogs fill out the community aspects of the site. As on other financial platforms, specific wealth-management topics are in the minority, but people are blogging about housing purchases, white collar savings, and strategies for managing taxes.
e-Commerce-related communities ::
Websites that facilitate online spending are also home to money-management and personal finance communities. Alipay, an online payment service run by e-Commerce giant Alibaba, has a community subsection that offers general-interest forums. It has two major sub-boards devoted to financial issues: an investment and personal finance board, which hosts discussions about financial planning, stocks, and family finances, and an economization board, devoted to exchanging techniques for saving money. Alipay itself has set up partnerships with other financial websites, including a number of the personal budget services found in #1 above.
online bank communities ::
Most of China’s major banks have websites that are one-way: they provide netizens with information but do not allow for much interaction beyond basic online banking services. Some have minimal forums set up to allow netizens to ask questions online, while a few go all out and host extensive BBS discussion forums that cover a broad range of financial topics. China Merchants Bank offers forums with content ranging from online banking issues, to currency markets and investment, to financial planning and insurance. ICBC has only a limited selection of forums, but it schedules live video chats on the second and fourth Friday of every month. Financial experts are online to discuss currency trends, financial planning, fund dynamics, and other related topics with interested netizens. The China Construction Bank website has a section featuring the products of online merchants, which allows netizens to reserve plane tickets, buy jewelry, and purchase online gaming vouchers through the bank.
widgets / tools ::
Online financial calculators are provided by a number of banks and financial websites. ICBC offers a set of tools for calculating loans, returns on stocks and bonds, and foreign exchange rates, among other data. Financial portal Hexun offers an impressive battery of tools for performing calculations related to credit estimates, period investment returns, insurance, major household purchases, and retirement income, as does Eastmoney. Widget platforms offer a variety of stock widgets that can be embedded into blogs and other web pages. Sohu’s Open Widget platform hosts an Eastmoney-branded stock widget that reports general market information for Shanghai and Shenzhen, as well as allowing blog visitors to look up the activity of specific stocks. Another relatively popular (though unbranded) widget charts detailed stock info on a large graph. Bloggers who embed the widget can select a stock to track, and the widget will automatically update with near-live market activity and rolling averages.
// AjS
[Friday 5 is the product of my work at Edelman Digital (China). Link here for the full Friday 5 archive. If you'd like to be added to the bilingual (English & Chinese) Friday 5 email distribution list, please send me an email at: adam DOT schokora AT edelman DOT com.]
