Lu International Financial Asset Exchange Pte. Ltd. launched an online wealth management platform, Lu Global, for accredited investors in Singapore and investors in Asia. Lu Global enables investors easy access to wealth management products that were previously available to mainly private banking and institutional clients.
Lu International was established in Singapore in 2017 by Shanghai Lujiazui International Financial Asset Exchange Co., Ltd., which operates China's wealth management platform Lu.com. Lufax is a member of the Ping An Group, the integrated financial services company in China. Lu International was granted a Capital Markets Services License (CMS) from the Monetary Authority of Singapore (MAS) in July 2017.
Recent statistics have shown that Asia-Pacific High Net Worth Individuals (HNWIs) lead the world in offshore-held wealth. Singapore is a favoured off-shore center which attracts HNWI wealth across the globe. Lu Global caters to such investors by making investment accessible through a click of a button, opening the door to premium wealth management products with a minimum investment amount of less than $1,000. At present, there are 15 products on the platform, comprising a mixture of open-ended and closed-ended funds. The firm works closely with globally renowned financial institutions to offer diversified products suitable for Lu International’s customers.
Kit Wong, CEO at Lu International adds, “We are thrilled to launch Lu Global in Singapore. We’ve received overwhelming interest from potential investors, fund houses and distributor networks since we first announced our plans for Singapore. The success of the platform is largely due to the award-winning technology deployed, and us leveraging on Lufax’s expertise in online wealth management solutions in China and our key partners.”
He adds, “Our mission is to make investing intuitive, accessible and self-directed. Investors will experience this as they register themselves on Lu Global. From onboarding to selecting their investment portfolio, investors will be equipped with financial information sufficient to make sound investment decisions.”
Utilising Ping An’s technology, Lu Global has instated a robust risk management system. The investor onboarding process uses cutting edge technology in the areas of big data, optical character recognition (OCR), GPS verification, facial recognition and artificial intelligence. Facial recognition technology is used to run multi-level checks on investor details including real-time face verification and name screening checks. The platform also adopts strict Know Your Product (KYP) and Know Your Customer (KYC) compliance procedures, alongside an Anti-Money Laundering (AML) and antifraud system.
Jessica Tan, Deputy Group CEO, Group COO and CIO of Ping An adds, “We are delighted to be part of this important initiative. Our technology will play an important role in opening up a fully automated wealth management tool to investors across Asia. The launch of Lu Global in Singapore marks a big step in Ping An’s business strategy. We are looking forward to seeing what a difference our technology will make to investors and their investment experience, through Lu Global”.
Greg Gibb, CEO and Co-chairman of Lufax adds, "Lu International serves as an important channel for Lufax to export our extensive fintech experience to the world. We are confident that Lu Global will provide investors with a diversified portfolio of investment solutions with greater convenience and at a low cost."
Investors can choose to download the Lu Global app for free on the Apple Store or Google Play and sign-up.
Re-dessiminated by The Asian Banker