A logo of Ant Group is pictured at the headquarters of the company, an affiliate of Alibaba, in Hangzhou, Zhejiang province, China October 29, 2020.
Aly Song | Reuters
BEIJING — Vanguard’s experiment with financial technology in China is showing early signs of success.
In less than a year, more than 1 million users have signed up for “BangNiTou,” a smartphone-based investment advisory product run through the American mutual fund giant’s joint venture with Alibaba-affiliate Ant Group.
That’s according to a release from BangNiTou on Thursday, just four days after Vanguard said it would drop its own pursuit of a mutual fund license in China. Instead, the company plans to focus on its…