Lufax edges closer to creating international equity trading platform for Chinese investors
The fintech giant aims to help millions of cash-rich mainlanders fearful of extended yuan weakness chase returns on overseas equities
Lufax, the world’s second-largest financial technology firm, is gearing up to launch a platform to facilitate Chinese investors’ asset allocation around the globe amid a depreciating yuan.
The internet finance business of Ping An Insurance, China’s largest insurer by market value, will target millions of cash-rich mainlanders who already have offshore assets, helping them chase returns on the overseas equity markets via cyber space.
Gregory Gibb, chief executive of Lufax, told reporters on Wednesday that a complete online platform will be established in 2017, granting wealthy mainlanders legal access to foreign capital markets to cater to their surging demands for asset diversification.
“Demand for overseas investment among Chinese people and businesses is constantly increasing,” said Gibb. “Lufax hopes to leverage new technologies and models to provide clients internationalised services.”
Lufax formed a partnership on Wednesday with eToro, an Israeli fintech firm that pioneered the revolutionary concept of social trading.
Demand for overseas investment among Chinese people and businesses is constantly increasing
The tie-up is a concrete step for Lufax toward launching its internationalised trading platform and follows an agreement signed with Denmark-based Saxo Bank in May, which also enables mainland investors to buy equities on the global markets.