In 2013 Alipay launched a financial product platform called Yu'E Bao (余额宝). Alipay partnered with Tianhong Asset Management to launch the it. Alibaba (the parent company of Alipay) reported having 152 million Yu'e bao users in mid-2016, with 810 billion RMB (US$117 billion) in funds under management. As of June 2013 the company still had what it called "a minor paperwork problem" with the China Securities Regulatory Commission, but the company said that they planned to expand the product while these are sorted out.
