News eDaily18 Jul 2017

China:Giant online wealth management platform to launch international exchange in Singapore

18 Jul 2017

Lufax, the largest online wealth management platform in China whose biggest shareholder is the Ping An Group, yesterday announced that it will launch Lu International (Singapore) Financial Asset Exchange in Singapore. Lu International has received in-principle approval for a capital markets services licence from the Monetary Authority of Singapore.

The Lu International platform, which will go live in 3Q2017, will provide investors, who have offshore assets, with a suite of wealth management products and services, including dealing in securities trading, asset management services and custody. Lu International is Singapore's first wealth management platform that provides a 100% mobile, facial recognition account opening and investment process.

Following the Chinese government's "One Belt, One Road" outreach strategy, Lu International is China's first FinTech company in Singapore, a key financial hub of the "One Belt, One Road" initiative.

The establishment of Lu International in Singapore is also part of Ping An's efforts to go global with its innovative Internet and FinTech models and marks a new direction of global development for Chinese financial institutions.

In Singapore, Lu International will benefit from the Republic's professional, sound and innovative regulation, and its financial centre activities.

During the initial stage, Lu International will focus more on Asian markets, and will gradually tap other markets, a corporate statement says.

To comply with the well-developed financial system and regulatory framework of Singapore, Lu International has made multiple innovations in FinTech. By adopting big data and biometrics, the company has a designed a fully digital Know Your Product (KYP) process, Know Your Customer (KYC) process, online control of Anti-Money Laundering (AML) and anti-fraud system. Quality products on the Lu International platform will be provided by leading regional or global institutions.

Lufax, established by Ping An Group in Shanghai in 2011, has over 31 million registered users. It has developed robust risk management mechanisms, launching an innovative, big data-driven KYC and KYP programs. Lufax's extensive experience in adopting efficient end-to-end online processes and other technology innovations has enabled it to service retail investors efficiently and at a lower cost. Lu International intends to import these capabilities to provide retail investors all over the world with diversified products that previously only private bank customers could enjoy.


| Print | Share

Note that your comment may be edited or removed in the future, and that your comment may appear alongside the original article on websites other than this one.


Recent Comments

There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.

Other News

Follow Asia Insurance Review