The Singapore-based subsidiary of leading Chinese retail fintech Lufax has announced a strategic partnership to meet rising demands for digital financial services in Thailand.
Lu will work with Kasikornbank to jointly build a digital wealth management platform, which will be jointly operated and managed by both parties, to serve retail investors in Thailand, the company announced in a statement on Monday.
«The world is about to enter another wave of digital disruption as big players like commercial banks morph into fintech organizations. It is imperative that we quickly adjust ourselves and strengthen our capabilities to seek new business opportunities,» Kattiya Indaravijaya, Kasikornbank CEO, said about the partnership.
Established in 1945, Kasikornbank is the fourth-largest commercial bank in Thailand, with 17.3 million customers, including 12.7 million online users. The bank has been actively promoting the digitization process in recent years, and is committed to providing a full range of financial services through digital platforms to its customers.
Market Opportunities
Lu International, Lufax's first international arm, was set up in Singapore in 2017. Since then, it has grown its operations and market reach, which now spans several markets in Asia, with over 380,000 registered customers.
The company said it plans to capitalize on growth opportunities for financial services in up-and-coming economies throughout and beyond Southeast Asia.
«We will continue to grow our capabilities in Southeast Asia, extending our footprint in the region to meet the needs of our customers and support the business growth of our partners,» Kit Wong, Lu International CEO, said.
