Lufax plans online platform as part of transformation from P2P to wealth management company

Lufax, China’s biggest peer-to-peer (P2P) lender backed by Ping An Insurance, is planning to set up a platform to facilitate global asset allocation for middle income earners in Asia and Chinese investors.

The Singapore-based platform will be launched this year, according to Lufax chief executive Gregory Gibb.

“We target Chinese who have already had an account oversees or have already invested overseas,” Gibb told the South China Morning Post on the sidelines of the Boao Forum.

The company will also target middle class Asian investors in countries such as India and Indonesia, who want to invest internationally with smaller amounts down to US$10,000.

Gibb sees these investors as a big potential growth market. “If you look at the US today, about 20 per cent of the money is invested outside [of the country]. Twenty-five years ago, it was 5 per cent. China today may be 3-5 per cent, but in the next five to 10 years, it could become 20 per cent and that will become a huge opportunity,” Gibb said. “ We want to be in the position to serve that demand.”

The expansion comes as Lufax, originally established as a P2P platform five years ago, aims to transform itself into the largest wealth tech company in China.