Ping An Insurance has announced plans to extend its financial services into Singapore next month to provide online overseas investment services for clients.
Lu.com, a subsidariy of Ping An Insurance, acquired the Capital Market Securities License of Singapore in July.
The company's international arm can provide online services, including securities transaction, capital management and trusteeship for investors who have overseas bank accounts or assets.
"Singapore has a well-established financial market, regulatory system, global asset management platform and rich resources of customers," Ma Mingzhe, CEO of Ping An Insurance, said. "It can bridge the company's strength in finance and intelligent technology to construct a wealth management platform targeting investors from Asia or around the world."
Lu.com is China's major online wealth management platform with more than 31 million registered members.
Wong Kit Foong, CEO of Lu global.com, said the platform was the first of its kind to operate all the procedures concerning investment online.
"Many of the global investment services in China only target high-end customers because face-to-face communication causes a high cost," Wong said. "Lu global.com serves ordinary clients through an online platform, which both reduces the cost and improves efficiency."
Investors can make investments using an app with multiple language versions to choose, he added.
The company also uses face recognition when opening accounts for clients based on its identity and address verification technology, he said.
