Singapore's Lufax Launches Online Wealth Platform

Tom Burroughes

21 September 2018

Lu International (Singapore) Financial Asset Exchange Pte, the business founded by Chinese wealth platform business last year, has rolled out an online service for accredited investors in Singapore, aiming to tap offshore clients.

Lu Global, as the new platform is called, covers accredited investors both in Singapore and other parts of Asia. There are 15 products on the platform, composed of a mix of open-ended and closed-end funds.

Lufax is a member of the Ping An Group, the Chinese financial services company. The business won a Capital Markets Services Licence from the Monetary Authority of Singapore in July 2017.

In its statement about the launch, Lufax cited recent Capgemini statistics showing that Asia-Pacific (excluding Japan) high net worth individuals lead the world in offshore-held wealth.