Ping An eyes Singapore finance online market

Finance | Tracy Hu 20 Feb 2018

Lu International, the international arm of Ping An Insurance (2318) unit Lufax, wants to provide online financial services in Lion City, according to Singapore media.

"For now, we are not targeting Singapore residents. But we are very interested to provide our services to them in the near future," Lu International chief executive Kit Wong was cited as saying by The Business Times.

It said that if Lu International is given the green light by Singapore regulators to serve local residents, it can be a serious competitor in Singapore's wealth management market. The international unit of Lufax has launched its Chinese-language mobile application and will provide an English version next month.

Its platform now offers more than 10 products provided by leading financial institutions, including BlackRock, Schroders and Pimco. Investors can also choose funds managed by the company.

Lu International was set up in Singapore in July last year as part of Ping An's bid to go global with its internet and financial technology models.

Lufax, or Lujiazui International Financial Asset Exchange, plans to launch an initial public offering in April in Hong Kong, which could be the city's biggest fintech flotation. It now has 33 million registered users, with assets under management of about 500 billion yuan (HK$616.62 billion).

Meanwhile, Tencent Holdings (0700) plans to introduce a cashless payment scheme on Hainan Island via its online payment system, according to mainland media.

The firm intends to use its experience in big data and cloud computing to build "smart cities" to create job opportunities, chairman and CEO Pony Ma Huateng told a Hainan newspaper.

Elsewhere, Uber Technologies Inc. is in talks with a major taxi service operator in Japan. Daiichi Koutsu Sangyo said it plans to provide rides for Uber app users in major Japanese cities with international airports, including Tokyo and Osaka.



Search Archive

Advanced Search
February 2022
S M T W T F S

Today's Standard