(Yicai Global) Dec. 16 -- The joint venture set up by Chinese fintech giant Ant Financial Services Group and Vanguard Group, one of the world's largest public mutual fund providers, has been given the greenlight by regulators in China to provide consultancy services to individual investors with as little as CNY800 (USD114) to invest.

Set up in June with a registered capital of CNY20 million (USD2.9 million), the JV will capitalize on Ant Financial's leading third-party mobile payment platforms and Pennsylvania-based Vanguard's investment expertise to provide broadly available investment advisory services to Chinese clients, according to a joint statement released by the two parties on Dec. 13. 

Requiring only a minimum investment of CNY800 (USD114), the new firm will provide customized services based on investors' investment objectives, time horizon and risk preferences. The services will be accessible through mobile payment platform Alipay and comprehensive wealth management platform Ant Fortune, both operated by Hangzhou-based Ant Financial.

The JV will simplify operations to lower the threshold for individual investors to access high-quality wealth management advisers and change the status quo where only a small number of high-net-worth clients have access to professional investment services, said its Chief Executive Peter Zhang.

Ant Financial has a 51 percent stake in the JV. Vanguard Investment Management Shanghai owns the rest. Vanguard set up its Shanghai unit in 2017, but the firm has yet to introduce a fund in China.