Singapore-based Lu International has partnered with Kasikornbank to establish an online wealth management platform in Thailand.
Lu International is an unit of China’s online wealth management platform Lufax backed by Ping An Insurance Group.
Lu and Kasikornbank will jointly operate the new wealth management platform for retail investors in Thailand. The platform could help Lufax expand its presence in the region, noted Reuters.
Named Lu Global, the platform will provide customers with 24/7 access to multiple investments. Lufax will leverage its cloud-exporting model for the platform.
Lu International initially launched the platform in 2018 for accredited investors in Singapore as well as investors in Asia.
The platform has set up a risk management system with Know Your Product (KYP) and Know Your Customer (KYC) compliance. It also features an Anti-Money Laundering (AML) and anti-fraud system.
Lufax CEO Greg Gibb said: “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.”
Currently, Lu International has more than 380,000 registered customers across Asia.
Kasikornbank CEO Kattiya Indaravijaya said: “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’.”