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Lufax to launch first overseas online wealth management platform in Singapore
LUFAX, the largest online wealth management platform in China, announced on Monday that it will launch Lu International in Singapore. This comes after it obtained in-principle approval for the capital markets services licence from the Monetary Authority of Singapore.
This is the world's second largest financial technology firm's first overseas online wealth management platform, targeting general retail investors with needs in global asset allocation, starting with the Asian market.
Lu International, a key financial hub of China's "One Belt, One Road" initiative, is expected to go live in Q3 this year, with its operations being performed fully online.
Lufax's parent company, Ping An Group, is the largest integrated financial service company in China. Lufax's overseas strategy is also aimed at promoting cooperation between Chinese financial technology companies and global companies, as well as growing the Singapore fintech market.
Lufax CEO Greg Gibb said in a press statement: "Learning from Lufax's fintech experience, Lu International will help investors create value through its premium online wealth management services. Being always open, innovative and responsive, Lu Holdings will share China's fintech experience with the world."