- Lu International operates an online wealth management platform, Lu Global, which leverages Ping An's and Lufax's award-wining technology and legacy expertise in financial investment strategies and customer investment behavior
- Through the partnership, HSBC clients in Hong Kong can now transfer USD or HKD funds into their Lu-Global account for no cost and within 1 working day
SINGAPORE, Oct. 18, 2018 /PRNewswire/ -- Lu International (Singapore) Financial Asset Exchange Pte. Ltd. ("Lu International"), has partnered with HSBC Bank (HSBC) in Hong Kong to launch a fund transfer service for its Hong Kong account holders. Lu International is a member of the Ping An Group, as well as a related entity of Shanghai Lujiazui International Financial Asset Exchange Co., Ltd ("Lufax"), which operates China's leading wealth management platform Lu.Com.
The newly launched service by Lu International and HSBC reduces fund transfer time from 1-3 days to transfer within the same day. This exclusive service is only applicable to transfers made in Hong Kong for US Dollars (USD) or HK Dollars (HKD) to their Lu-Global e-wallets. These transfers can be made using Hong Kong-based bank accounts through Hong Kong's domestic funds transfer system (Real Time Gross Settlement). It is also a more cost-effective method when compared to using telegraphic transfers (TT). Clients can make transfers via their mobile banking apps remotely and conveniently. Instead of incurring a charge of US$25-50 for each transaction via TT, HSBC Hong Kong account holders can transfer funds into their Lu-Global accounts at zero cost. For clients that have linked their Lu-Global accounts to other Hong Kong-based banks, fund transfer charges have been lowered significantly to be in line with domestic transfer rates.
Earlier this year, Lu International launched an online investment and wealth management platform in Singapore, Lu Global. Lu Global offers investors access to wealth management products that were previously available to mainly private banking and institutional clients. This is enabled by leveraging Ping An's and Lufax's legacy expertise in financial investment strategies, customer investment behaviour and its award-winning technology.
Kit Wong, CEO of Lu International, commented: "We are pleased to work with HSBC Hong Kong in introducing an efficient and cost-effective method for our clients to remit USD and HKD into their Lu-Global account. 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. We are confident this exclusive partnership with HSBC will benefit customers significantly as they reap the benefits of an efficient fund transfer and investment process. We look forward to several more partnerships with global banks in coming months."
Yvonne Yiu, Head of Global Liquidity and Cash Management Hong Kong, HSBC, said: "Across Asia, businesses are embracing emerging technologies to adapt to the asks of tech-savvy consumers. At HSBC we are committed to developing and enhancing our solutions to best fit the versatile needs of all of our clients and recognise the critical role digital plays in the future of payments. We are delighted LU International has chosen HSBC as a partner as it embarks on the next stage of its digital transformation journey."
About Lu Global
Lu Global is the online wealth management platform operated by Lu International (Singapore) Financial Asset Exchange Pte. Ltd. (Co. Reg No 201702479G). Lu International is a member of the Ping An Group, as well as a related entity of Shanghai Lujiazui International Financial Asset Exchange Co. Ltd ("Lufax"), which operates China's leading online wealth management platform Lu.Com. Lu Global is a mobile investment and wealth management platform operated out of Singapore. It offers 24/7 online access to a wide range of high quality investments. Lu Global offers investors the opportunity to invest easily with small investment amounts, and with low commitment period. Investors have the ability to invest with maximum flexibility while still being able to benefit from attractive returns. For more information, visit https://www.lu-global.com.
Shanghai Lujiazui International Financial Asset Exchange Co., Ltd. ("Lufax"), operates China's largest online wealth management platform. Through its best-in-class technology, broad set of financial products and industry-leading risk management, Lufax has revolutionized the way individuals, companies and financial institutions in China invest, lend and borrow money. Last year, total transaction volume on Lufax platforms grew 10 times to more than US$43.3 billion. As of June 2018, Lufax has 36,840,000 registered members and 9,900,000 active investors. For more information, please visit www.lu.com.
About Ping An
Ping An Insurance (Group) Company of China, Ltd. ("Ping An") is a world-leading technology-powered personal financial services group. With 170 million customers and 459 million Internet users, Ping An is one of the largest financial services companies in the world. Under its 'pan financial assets' strategy, the company offers customers insurance, banking and asset management through its 'finance + technology' platform. Under its 'pan healthcare' strategy, the company uses a 'finance + ecosystem' platform to offer Internet users five ecosystems, covering financial services, healthcare, auto services, real estate services and Smart City services. Ping An is committed to investing in innovative technologies in fintech, AI and cloud to provide customers and Internet users with innovative and simple products and services. As China's first joint stock insurance company, Ping An Group is committed to upholding the highest standards of corporate reporting and corporate governance. The company is listed on the stock exchanges in Hong Kong and Shanghai. Ping An ranked 10th in Forbes' 2018 Global 2000, and it ranked 29th in Fortune Magazine's 2018 Global 500 Leading Companies. Ping An also ranked 43rd in 2018 WPP Millward Brown's BrandZTM Top 100 Most Valuable Global Brands. For more information, please visit www.pingan.cn.
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