Yu'ebao

余额宝

Yu'ebao is a money market fund developed in-house by Ant Group and managed by Tianhong Asset Management, an asset management firm which Ant is a majority shareholder of. Users can deposit money in Yu’ebao and use this to pay for their purchases on Alibaba, while interest is paid out daily and any money deposited in the account can be withdrawn at any time. Yu'ebao was the first MMF to be easily accessible to the public in China, and since 2017 it has become China's largest MMF with over one third of the Chinese population having money invested in the fund. Yu'ebao is also the largest MMF in the world.
The name Yu'ebao roughly translates to "leftover treasure".