Telecoms dialing up financial products

Mobile phone companies home in on success of Yu'ebao

Facing stiff competition from private sector players, China's telecommunication giants are following in Alibaba's footsteps to launch online investment products as new value-added services to improve user loyalty as well as seek new growth.

China Telecom, China's third-largest network carrier by subscriber numbers, began offering a money market fund called Tianyibao on its mobile payment platform BestPay earlier this month.