China’s Ping An launches wealth platform for HNWIs
Ping An Group’s Lu International has announced the launch yesterday of an online wealth management platform for accredited investors in Singapore and across Asia.
The new platform, Lu Global, allows investors to tap into wealth management products that were previously only available to private banking and institutional clients.
Ping An Group is the largest integrated financial services company in China. Lu International was granted a Capital Markets Services License (CMS) from the Monetary Authority of Singapore (MAS) in July 2017.
Recent statistics have shown that Asia-Pacific (excl. Japan) HNWIs lead the world in offshore-held wealth. Singapore attracts HNWI wealth across the globe. Lu Global caters to such investors by making investment accessible through a click of a button, opening the door to premium wealth management products with a minimum investment amount of less than $1,000.
There are currently 15 products on the platform, comprising a mixture of open-ended and closed-ended funds. The firm works closely with globally renowned financial institutions to offer diversified products suitable for Lu International’s customers.
Kit Wong, CEO at Lu International said: “We are thrilled to launch Lu Global in Singapore. We’ve received overwhelming interest from potential investors, fund houses and distributor networks since we first announced our plans for Singapore.
“The success of the platform is largely due to the award-winning technology deployed, and us leveraging on Lufax’s expertise in online wealth management solutions in China and our key partners.”
He added: “Our mission is to make investing intuitive, accessible and self-directed. Investors will experience this as they register themselves on Lu Global. From onboarding to selecting their investment portfolio, investors will be equipped with financial information sufficient to make sound investment decisions.”