Fintech giant Lufax to launch online investment platform in Singapore

Singapore

LUFAX, the world's second-largest fintech firm, is staking its claim beyond China, as the unit of Ping An Group plans to launch its first overseas online wealth management platform in Singapore targeting offshore mid-market retail investors.

Expected to launch by September this year, Lu International targets the burgeoning middle-class in Asia, in part by attracting them with competitive fee structures that will beat the typical 3-5 per cent upfront fees charged to retail investors today.

"There is a lot of space to be competitive," said Kit Wong, chief executive of Lu International that will be based out of Marina Bay Financial Centre, at a press briefing on Monday.

Without a need for physical distribution, Lu International could save about half of expenses borne by a traditional fund distributor, it has estimated. Broadly, the platform will offer both investments in funds present in Singapore as well as global funds, with the platform using facial recognition to regi…