Ping An Insurance’s international finance unit is looking to provide online financial services in Singapore, according to reports.
If granted approval by regulators, Lu International, the overseas arm of Ping An’s Lufax, could emerge as a serious competitor in Singapore’s wealth management sector, according to The Standard. The firm has launched a Chinese-language mobile app and is set to release an English version next month.
The platform has over 10 products provided by leading financial institutions, such as BlackRock, Schroders and Pimco. Users can also choose to invest in funds managed by Lu or Ping An.
Lu International, which is headquartered in Singapore, was established in July 2017 as part of Ping An’s international expansion efforts for its financial technology (fintech) businesses.
“For now, we are not targeting Singapore residents. But we are very interested to provide our services to them in the near future,” Kit Wong, Lu International’s CEO, was quoted as saying by The Business Times.
Lufax, which is short for Lujiazui International Financial Asset Exchange, is seeking a Hong Kong listing in April, which could set the record for the largest fintech IPO in the city. It currently has 33 million registered users with US$78.8 billion in assets under management.