Asset management giant Vanguard Group Inc. and China-based financial technology company Ant Financial Services Group announced a joint venture to provide fund investment advisory services to retail consumers in China.

The venture, as approved by the China Securities Regulatory Commission, will offer services for minimum investments of about $113.

The services will be accessible through Alipay, Ant Financial's payment and lifestyle platform and Ant Fortune, a wealth management platform operated by Ant Financial.

Earlier, professional investment advisory services were only accessible to a small number of high-net-worth individuals in China, the news release said.