Along with tons of technological advancements, the online finance frenzy has come to China, as different mobile apps for finance emerge in the market. Some of the notable apps include wealth-management accounting apps, as reported by Shanghai's China Business News.
The most recent participant in the field of financial apps is the Internet portal NetEase, which released for the public a money-management app on July 31. The venture into apps followed the footsteps of giant e-commerce companies, such as Jingdong Mall and Alibaba's Alipay.
Based on data from Analysys International, the top three mobile apps reached a daily usage amount of 200,000-600,000, a significant rise in the amount of app usage in China.
The leading accounting app in China, Feidee.com, now has a huge following of 200 million subscribers and four million users per day. With this milestone, the company's CEO and founder Gu Feng expressed confidence that Feidee.com will break even by December this year and achieve sales amounting to 300 million yuan ($48 million) in 2016, as preparation for being listed on the NASDAQ in 2019.
Gu is also optimistic that massive subscribers and traffic will be enticed by the accounting apps and eventually extend its coverage into the Internet finance industry.
Based on third-party market research cited by Analysys International, 60 percent of the market for accounting apps is now obtained by Feidee.com.
According to the paper, more than 200 accounting apps exist in the market, but most of them are still unprofitable, as these apps have yet to turn their app users into wealth-management subscribers.
Although the top three mobile apps--Feidee.com, iTunes and u51.com--have managed to acquire over one million active users, a majority of the other apps struggle with less than 500,000. In addition, these less-known accounting apps do not possess their proprietary wealth-management products and act merely as mutual funds sales agents.