Lu International has joined up with Thailand’s Kasikornbank to create a digital wealth management platform.
The subsidiary of China retail fintech firm Lufax Holding will use its parent’s “cloud-exporting” model for the online wealth management platform, which will be jointly operated and managed by Lu International and Thai lender Kasikornbank.
Greg Gibb, Lufax Holdings chief executive, said: “Lufax Holding, together with Lu International, has the technological capabilities and wealth of experience in doing business globally to help address a gap in the Thailand market.”
The announcement of the Thailand partnership closely follows Lu International’s launch of a mobile app in Hong Kong, which provides a selection of Hong Kong dollar-based mutual fund products with zero transaction fees for a limited, but unspecified, period.
Lu International was set up in Singapore in 2017 as Lufax Holding’s first international arm. Since then, it has extended its operations and market reach, which now spans several markets in Asia with around 380,000 registered customers.
Kasikornbank is the fourth-largest commercial bank in Thailand, and has 17.3 million customers in Thailand, including 12.7 million online users.
