The organisations are melding their forces to seek opportunities in Hong Kong's wealth management space, they said.

Lu International (Hong Kong), a subsidiary of Lufax Holding, and China Minsheng Banking Corporation, Hong Kong branch, have signed a cooperation pact focused on wealth management.

LU Hong Kong will offer diversified wealth management products such as Hong Kong dollar-denominated Chinese fund products and solutions for online banking customers of CMBC (Hong Kong).

This is the first time that LU Hong Kong will provide technical and operational support to financial institutions in Hong Kong, including cloud computing technology and services, the firm said in a statement.

LU Hong Kong will integrate its online wealth management technology and financial product screening ability to provide one-stop online wealth management platform products and solutions. This will include user management, orders, products, transactions, and payments for the customers of CMBC (Hong Kong). 

CMBC (Hong Kong) said that as one of the earliest Chinese commercial banks entering in the Hong Kong market, it has cross-border links and a mature branch network.

"Lufax is one of the world’s largest online wealth management platforms and has ample experience in fintech. We are very pleased to cooperate with LU Hong Kong to provide customers with more diversified services, which at the same time can further enrich the product offerings of the bank's cross-border wealth management business,” Yunfei Du, president of CMBC (Hong Kong), said.