Lu International, a member of China’s Ping An Group, has partnered with HSBC Bank to launch a fund transfer service for its Hong Kong account holders.
The service will help Lu Global e-wallet users and HSBC account holders transfer Hong Kong dollars and US dollars via their mobile banking applications within the same day - a process that previously took one to three days.
Lu Global, operated by Lu International, is an online investment and wealth management platform that was launched for accredited investors in Singapore and other investors in Asia last month.
It allows investors to tap into wealth management products, including open-ended and closed-end funds, which were previously only available to private banking and institutional clients.
In a statement, Lu International said the new service will also make fund transfers cheaper for investors when compared to telegraphic transfers (TT).
Consequently, instead of incurring a charge of $25-50 for each transaction via TT, HSBC Hong Kong account holders will be able to transfer funds into their Lu Global accounts at zero cost.
Additionally, Lu International has lowered the fund transfer charges in line with domestic transfer rates for Lu Global clients that have accounts linked to other Hong Kong-based banks.
‘Our portfolio of clients are savvy and require flexibility in how they invest. It is a competitive market and we are continuously exploring new ways of enabling investors to invest flexibly and securely,’ said Kit Wong, CEO of Lu International.
Wong also said that the firm will sign more partnerships with other global banks in the following months.