Lufax’s Subsidiary Receives Nod to Provide Investment and Wealth Services in Hong Kongby Company Announcement June 24, 2020
Lufax Holding’s subsidiary LUI HK announced today that Hong Kong Securities and Futures Commission (SFC) has granted the company regulatory approval to provide investment and wealth management services for all customers in Hong Kong. They expect their app to go live in August.
Hong Kong ranks top among international financial markets for its sophisticated regulatory framework, open markets and diverse financial products. Hong Kong is also an important global asset allocation center and a personal wealth management center.
According to regulatory requirements in Hong Kong, financial institutions that provide wealth and asset management services must have Type 1, Type 4 and Type 9 licenses — which the SFC has granted to LUI HK.
Cai Hua, the Head of LUI HK said,
“Lufax’s advanced digital wealth management model is in great demand, not only in mainland China, but also other markets. These licenses enable us to directly operate in Hong Kong. After the launch of the LUI HK app, we will introduce more Hong Kong dollar and US dollar wealth management products. The app will enable Hong Kong clients to access online investment and wealth management services, a diverse product portfolio and a great customer experience unmatched by offline services.”
Hong Kong is the second stop in Lufax’s overseas business expansion. In 2017, Lu International (Singapore) Financial Asset Exchange Pte. Ltd. (“LUI”) launched with a Capital Market Services (CMS) license from the Monetary Authority of Singapore (MAS). In February 2019, MAS granted LUI the Recognized Market Operator (RMO) license to provide services to Singapore residents.
Lufax Holding said,
“Lufax is committed to enhancing wealth management services through cutting-edge fintech solutions, and sharing its sophisticated technologies and experience in China with other markets to serve more wealth management customers.”