With the licence, Lu International (Singapore) Financial Asset Exchange, will be able to provide overseas retail investors with online wealth management products and services, including securities trading and asset management.
Lu International is a subsidiary of Shanghai-headquartered Lufax Holdings, an online lending and wealth management platform backed by the Ping An Group. Lufax has around 31 million registered users in China, according to the statement.
Lu International was incorporated in Singapore in January this year, and is expected to roll out its services in the third quarter, according to the statement. It is China’s first fintech company in Singapore, the statement adds.
Lu International cannot cater to domestic Singapore investors as its licence is an offshore one, according to a South China Morning Post report, quoting Gregory Gibb, Lufax’ co-chairman and CEO. He said that the platform would initially offer simple fund products to Chinese customers with overseas assets before targeting other overseas investors.
Investors will be able to conduct all investment operations on a mobile device, from opening an account using facial recognition technology, to making investment decisions, according to the statement.
Lufax’s experience in adopting end-to-end online processes and other technology innovation has enabled it to service retail investors efficiently at a lower cost, the firm said in the statement.
“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,” the firm said.
