The international finance unit of Ping An Insurance 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 Lujiazui International Financial Asset Exchange (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 releasing an English version next month.
The platform boasts over 10 products provided by leading financial institutions including BlackRock, Schroders and Pimco. Users can also choose to invest in funds managed by Lu or Ping An.
Headquartered in Singapore, Lu International was established in July 2017 as part of Ping An’s international expansion efforts for its fintech businesses.
Lufax 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$78.8bn in assets under management.
“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.