China's Lufax ties up with Thai bank for local online wealth management

 

FILE PHOTO: A sign of wealth management platform Lufax is seen during an expo in Beijing, China December 11, 2015. REUTERS/Stringer

 

BEIJING (Reuters) - Lufax, one of China's largest online wealth management platforms backed by Ping An Insurance Group, said its unit has formed an alliance with Kasikornbank <KBANK.BK> to set up an online wealth management platform in Thailand.

 

The platform, to be jointly operated by both parties and used for retail investors in Thailand, will help Lufax to expand its footprint in the region, according to company statement sent to Reuters via email on Tuesday.

 

Lufax said its unit in Singapore, Lu International, now serves over 380,000 registered customers in several markets in Asia.

 

(Reporting by Cheng Leng, Zhang Yan and Ryan Woo; Editing by Muralikumar Anantharaman)

 

-- © Copyright Reuters 2020-08-18

 

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6 minutes ago, webfact said:

Lufax said its unit in Singapore, Lu International, now serves over 380,000 registered customers in several markets in Asia.

More than likely all owned and operated by Chinese which gives them a good watchful eye on them and if they can possibly take money from them back to the Mainland China Government . I would not personally trust them and will consider changing from Kasikorn to a new bank but that's just me and my opinion .

I believe that Ping An group was acquired by CP in 2019 - so maybe not such a Chinese tie up as it looks.