51 connected strategy for asian wealth management ^Top in China. Asia’s superapps — e.g., Alipay, Grab, WeChat, Gojek — continue to tap into the demand for mass affluent wealth management across China, Indonesia, Philippines, Thailand and Vietnam. Case examples Ant Financial in China is a prominent example of a connected market maker. Figure 24 provides an overview of the range of services offered by Alipay, which is a digital supermarket of offerings, letting users invest in mutual funds and purchase insurance from established players. It is China’s largest online investment services platform with 700 million annual active users and AuM of $600bn55. Wealth management and insur- ance now contribute over 60% of Ant’s revenue. In wealth management, Ant ranks #1 in the sale of non-money-market mutual funds with quarterly sales in 2021 of $140bn. It connects 80 fund managers with virtual stores to offer 6,000 funds to its users. Figure 24: Ant Financial’s Alipay — a Connected Market Marker superapp Ant Financial strengthened its connection architecture by sharing its artificial intelli- gence technology with asset managers to help the latter in their digital transformations. Firms representing over 90% of fund sales in China are now on Ant’s Caifuhao platform. Caifuhao offers users information on stocks, access to Ant Financial’s money market 55 “The transformation of Ant Financial”, Financial Times, 2020; AuM as of 2020 Source: Ant Group IPO Filing