The largest online wealth management platform in China, Lufax, announced it will launch «Lu International» in Singapore.
The news comes after the firm obtained in-principle approval for the capital markets services licence from the Monetary Authority of Singapore, according to a press release.
Lufax (full name Shanghai Lujiazui International Financial Asset Exchange Co) was established by the Ping An Group in Shanghai in 2011, and is the largest online wealth management platform in China.
China's Fintech Influence
Lu International, which It has garnered over 31 million registered users since its establishment, is a key financial hub of China's «One Belt, One Road» initiative. It is expected to go live in the third quarter of 2017, with its operations being performed fully online.
«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,» said Greg Gibb, Lufax CEO.
