The partnership signals Lu International�s plan to capitalise on growth opportunities for financial services in some of the world�s up and coming economies, throughout and beyond Southeast Asia
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SINGAPORE�-�Media OutReach�-�18 August
2020 - Lu International
(Singapore) Financial Asset Exchange (PTE) Ltd. ('Lu International'), a
subsidiary of China's leading retail fintech enterprise Lufax Holding, and
KASIKORNBANK, one of Thailand's largest banks, have recently announced a
strategic partnership to meet rising demands for digital financial services in
Thailand. The partnership allows KASIKORNBANK to leverage Lu International's
technology and expertise to establish a comprehensive online wealth management
platform for retail investors in Thailand. This platform will be jointly
operated and managed by both parties.
Lufax Holding leverages
its innovative 'cloud-exporting' model to empower the banking customer with its
technological and operational advantages. The jointly built wealth management
platform will be deployed on a fintech empowering platform developed by Lufax
Holding. In recent years, Lufax Holding has adopted big data, artificial
intelligence, cloud computing and other emerging technologies to successfully
develop a number of fintech solutions, some of which have already been rolled
out -- such as the investor suitability management system, 'Know Your Intention
(KYI)' model that integrates the company's rich experiences in financial
operations, and strong research and development capabilities.
"This strategic
cooperation with KASIKORNBANK is a strong and mutually-beneficial alliance.
Lufax Holding, together with Lu International, has the technological
capabilities and wealth of experience in doing business globally to help
address a gap in the Thailand market." Weighed in Greg Gibb, CEO of Lufax
Holding, "Together with KASIKORNBANK who has a long history of local operations
and has built a strong customer base in this market, we believe this
partnership will accelerate the pace of digital transformation within the
financial institution industry in Thailand and across the Southeast Asian
region."
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Lu International was set
up in Singapore in 2017 as Lufax Holding's first international arm. Since then,
it has progressively extended its operations and market reach, which now spans
several markets in Asia, with over 380,000 registered customers.
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Kit Wong, CEO of Lu
International, commented on the move, "Being based in Singapore, a gateway to
Southeast Asia, as well as being one of Singapore's first wealth management
platforms providing end-to-end online account opening services and investment
operations, we are well positioned to be the fintech enabler of choice for
traditional financial institutions in the region that want to provide
convenient, efficient, intelligent and personalised digital financial services
to investors." In the coming months, Wong added, "We will continue to grow our
capabilities in Southeast Asia, extending our footprint in the region to meet
the needs of our customers and support the business growth of our partners."
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LU Global is the online
wealth management mobile platform operated by Lu International that offers
customers with round-the-clock access to a wide range of high-quality
investments. Utilising the technology developed by Lufax Holding, LU Global has
instated a robust risk management system that adopts strict Know Your Product
(KYP) and Know Your Customer (KYC) compliance procedures, alongside an
Anti-Money Laundering (AML) and anti-fraud system.
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Kattiya Indaravijaya, CEO
of KASIKORNBANK, said, "The world is about to enter another wave of digital
disruption as big players like commercial banks morph into fintech
organisations. It is imperative that we quickly adjust ourselves and strengthen
our capabilities to seek new business opportunities. With the necessary
technical support coupled with fintech innovation, KASIKORNBANK has
successfully achieved digital transformation through the partnership with Lu
International, as well as the help of an open banking services model. We are
ready to create a digital service platform to allow Thai individuals and
businesses to go beyond borders to capitalise on massive opportunities in the
'Era of Asia'."
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Established in 1945,
KASIKORNBANK is the fourth-largest commercial bank in Thailand. It has an
extensive customer base in the country with 17.3 million customers, including
12.7 million online users. KASIKORNBANK has been actively promoting the
digitisation process in recent years and is committed to providing a full range
of financial services through digital platforms to its customers.
About Lufax Holding
Lufax Holding is a
China-leading retail fintech enterprise operating in businesses mainly
including retail credit facilitation and online wealth management. In wealth
management, Lufax Holding provides diverse and customised products and services
for the Chinese middle-class and affluent investors through
the platform LU.com. Currently, it has established a wide range of asset-end
cooperation ties with over 400 financial institutions.
About LU Global
LU Global is the online
wealth management platform operated by Lu International (Singapore) Financial
Asset Exchange Pte Ltd (Co. Reg No 201702479G). Lu Global is a mobile
investment and wealth management platform operated out of Singapore. It offers 24/7 online access to a wide range of high
quality investments, and offers investors the
opportunity to invest easily with small investment amounts, and with low
commitment. The customers have the ability to
invest with maximum flexibility while still being able to benefit from superior
returns. For more information, please visit https://www.lu-global.com/.
