Online investment platforms offer attractive avenues for ordinary Chinese to invest their personal wealth. They have been able to deliver high rates of return (currently around 6 percent for Yu'e Bao and about 6.5 percent for Licaitong, Tencent's competitor platform), and they enable depositors to withdraw funds at any time, an option known as demand deposit. Furthermore, they are convenient to use because they are tied to popular services such as Taobao and WeChat. These factors have made them more attractive than smaller-scale online peer-to-peer lending companies that have been active for several years but have recently run into trouble due to borrower defaults. High Rates of Return Through Internet Financing Platforms Yu'e Bao, the oldest and largest of these platforms, is less than one year old.