Ping An to cast tech spotlight on Singapore’s wealth market
Its mobile application ‘Lu Global’ is being opened to Singapore-based clients with a minimum of US$1,000 to invest
A Ping An Group offshoot has launched an online platform aimed squarely at attracting wealthy Singaporean clients, as China’s largest companies continue to make headway into Southeast Asian and other international markets using cutting-edge technology.
Lu International (Singapore) Financial Asset Exchange was created in the republic last year by leading Chinese wealth management group Shanghai Lujiazui International Financial Asset Exchange (Lufax), which is itself owned by Ping An, China’s second-largest insurer.
Its mobile application “Lu Global” is now being opened to Singapore-based clients with a minimum of US$1,000 to invest, who it views as smaller ticket individuals.
The platform offers 15 wealth management products from global financial institutions such as BlackRock, Pimco, and Schroders, and it has plans to add further “alternative investment” choices such as private equity products that were previously available to mainly private banking and institutional clients.
Kit Wong, Lu International’s CEO, said: “We pride ourselves in having a range of good, quality products and the whole idea is to use technology to make it more available to everyone.”
Wong hopes its latest systems, including facial recognition systems, will give it the edge over competitors, and has set a target of 10,000 Singapore customers in its first year.