Lufax to start business in Singapore
PING An Group today launched an online investment platform in Singapore to offer products for ordinary investors with the support of the group’s financial technology.
The platform, Lu International Financial Asset Exchange (Singapore), is a unit of Lufax Holding and has acquired Capital Market Services license from the Monetary Authority of Singapore, Ping An said in a statement.
With the license, Lu International will be able to provide securities trading, asset management services, and custody services for investors that hold overseas bank accounts and assets.
The platform will start operation in the third quarter and use Ping An’s homegrown technology to allow investors to open accounts and make investment on a mobile device.
Facial recognition, remote ID verification and address verification technologies will be adopted to ensure compliance to Singapore regulations.
All investment products on the Lu International platform will be provided by regional or global institutions with formal financial licenses, Ping An said.
“The establishment of Lu International in Singapore means that Ping An’s successful and unique business model in China will be operating within Singapore’s well-developed financial system and regulatory framework and tested by global investors,” said Peter Ma, Chairman & CEO of Ping An Group.
He added that the new establishment marks Ping An’s attempts to explore fintech-based overseas expansion and serve China’s One Belt One Road initiative.
Lufax, established by Ping An Group in Shanghai in 2011, is the largest online wealth management platform in China.
It has over 31 million registered users since its establishment.
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