Schroders Singapore has inked a strategic partnership Lu International (LUI), the Singapore-based subsidiary of China’s Lufax, to co-innovate digital wealth solutions for the Southeast Asia market.

The partnership aims to address the evolving requirements of retail investors in the region and will utilise Schroders’ expertise in asset management and LUI’s digital capabilities.

Under the tie-up, both companies will work to accelerate innovation in digital wealth solutions, using data analytics.

They will focus on enhancing the design of customised multi-asset solutions, combing goals, thematics and sustainability investing, for Southeast Asian clients.

These solutions will be complemented by LUI’s technological capabilities in areas such as artificial intelligence, cloud technology and data analytics.

The companies plan to rollout the offerings initially on LUI Singapore’s wealth management platform, with plans to extend them later to partners across Malaysia, Thailand, and Indonesia.

Schroders Singapore country head Lily Choh said: “The collaboration will foster opportunities for us to stay ahead of these needs, by leveraging on the synergistic best-in-class technology which LUI offers, which will allow us to deliver customised solutions and insights that can help investors cut through the clutter in a meaningful way.”

Lu International CEO Joanna Tang added: “Our collaboration with Schroders is therefore two-fold: first to co-develop innovative tailored digital wealth solutions for our clients; then to work with our local and strategic partners in the region to expand the reach of these solutions.”

Tang also added that partnering with an established, investment powerhouse like Schroders will enable the firm to significantly expand the company’s offerings for its clients, across segments.

Last year, LUI partnered with Kasikornbank to establish an online wealth management platform in Thailand.

Lu International initially launched the platform in 2018 for accredited investors in Singapore as well as investors in Asia.