Ping An Group’s Lu International has launched an online wealth management platform for accredited investors in Singapore and Asia.
The new platform - Lu Global – allows investors to tap into wealth management products that were previously only available to private banking and institutional clients.
Currently, there are about 15 products on Lu Global, comprising a mixture of open-ended and closed-ended funds. These products require a minimum investment amount of $1,000.
The platform focuses on fixed-term funds with a short-term tenure of one year or less, which further enables cost savings to be passed on to the investor in the form of attractive returns, said Lu International CEO Kit Wong.
‘Our product pipeline is constantly evolving. Looking ahead, investors can look forward to products from more alternative sources, such as private equity. We are also considering adding a robo advisory function to the platform next year,’ Wong told Citywire Asia.
Lu Global, operated out of Singapore, will utilise Ping An’s technology to make sure risk management is robust. It will run multi-level checks on investor details through real-time face verification and name screening check.
The platform also adopts know-your-product and know-your-customer compliance procedures, alongside an anti-money laundering and anti-fraud system.
‘We are targeting accredited investors in Singapore since we’ve obtained the Capital Markets Services License from the Monetary Authority of Singapore in July 2017. Given Lu Global is a digital platform, investors in Asia may choose to invest on our platform,’ Wong said