Ping An opens new Singapore online platform
PING An Insurance Group yesterday launched an online investment platform in Singapore to offer products to ordinary investors.
The platform, Lu International Financial Asset Exchange (Singapore), is a unit of Lufax Holding and has acquired a Capital Market Services licence from the Monetary Authority of Singapore, the Chinese financial conglomerate said in a statement.
Lu International will use the licence to provide securities trading, asset management and custody services for investors.
The platform, to start operation in the third quarter, will let investors open accounts and invest on a mobile device.
Facial recognition, remote ID verification and address verification technologies will be adopted to comply to Singapore regulations.
“The establishment of Lu International in Singapore means that Ping An’s successful and unique business model in China will be operating within Singapore’s well-developed financial system and regulatory framework,” said Peter Ma, chairman and CEO of Ping An Group.