By SHE Xiaochen

With social media so clearly linked to e-commerce success, it may come as a surprise that only now is Alipay coming close to figuring it out. Last week, on a promotion day for mutual fund products, thirty-three funds launched livestreaming channels on the platform. Portfolio managers and analysts, who, in the eyes of the public, typically crunch numbers cryptically in the background, have now been shoved into the spotlight to live or die by their market views. Successful managers are hailed as idols, with their names sung from the rooftops of Alipay search terms.

More unexpectedly, some have turned to Alipay’s investment forums to find love. With a brief introduction and a modestly boastful summary of his or her investment track record, members openly court future partners with similar financial views.

Alipay’s recent social media success can be attributed to the recent influx of young retail investors. In December, China’s mutual fund assets reached 18.6 trillion yuan (US$2.88 trillion), 26.5 percent up on the previous December. Over half of the growth was from retail investors under 30.

Fintech apps such as Alipay mean there is barely any minimum investment requirement — a huge plus for cash-strapped young people — and professional management also offers some semblance of reliability.

With mutual fund products surging in popularity, Alipay is compelled to manage expectations. In a new year letter, it urged investors to lower expectations and allocate money wisely, but livestreaming viewership increased tenfold during the Chinese New Year holiday.

Granted, not all social media web traffic is converted to investment. A fund manager told Jiemian News that investment hadn’t been affected much by livestreaming fervor. A long-time Alipay user said he hangs out on the mutual fund forums “mostly for fun.”

Alipay’s social media endeavors have never really taken off. Some games boosted traffic temporarily but none kept up the momentum. An ill-fated “Social” feature was shelved after users were scandalized by soft porn. Many have dismissed the recent hype as another “fuss,” but the fusion of social media and fintech seems to be where the money management market is heading. Some funds have even retained social media influencers. Undeterred by its previous setbacks, Alipay seems determined to keep trying to attract young, attention-seeking, fun-loving users.