Alibaba Group, a China-based e-commerce firm, has launched a new wholly-owned subsidiary, named Shanghai Zhaocaibao Financial Service, which operates as a wealth management platform.

The e-commerce giant launched the new platform in collaboration with Tianhong Asset Management.

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The platform is meant to complement the company’s existing Yu’ebao platform which provides time deposit services and currently has around 81 million users in China.

Yu’ebao will serve as a cash management tool, while the new platform will provide wealth management solutions.

Chen Zhiming, general manager of Zhaocaibao, said: "The platform will bring together different kinds of investment products issued by financial institutions, helping them reduce marketing and technology costs while diversifying choices for investors."