Ping An targets Crazy Rich Asians with launch of wealth app in Singapore
Called Lu Global, the wealth management app targets the uber-rich of Singapore and is another step in Ping An’s Southeast Asia ambitions
Ping An Insurance, the large Chinese conglomerate, announced yesterday the launch of Lu Global, a personal finance app that will target the city’s upper class.
Lu Global provides people with easy access financial tools that are typically only available to private banking and institutional investors.
The app is only available to Singapore Accredited Investors — a tag that typically requires minimum personal assets worth S$2 million (US$1.466 million) and an income of S$300,000 (US$220,000).
Minimal investments on Lu Global will be about S$1,400 (US$1,000), which Lu Global considers to be low-ticket sales.
Lu Global has 15 products on its platform and, according to the South China Morning Post, include products from BlackRock, Pimco and Schroders.
The goal is to make these products accessible with a few clicks on the phone.
The app leverages facial recognition software for convenience and security. It will include multi-level checks on investor details, realtime face verification and name screening checks.
The company hopes to have 10,000 customers over the the next year.
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To highlight their target market, Lu International released statistics that showed Asian High-Net-Worth-Individuals lead the world in assets held offshore-held and that Singapore is a popular place for rich people to park their money.
“We are thrilled to launch Lu Global in Singapore. We’ve received overwhelming interest from potential investors, fund houses and distributor networks since we first announced our plans for Singapore,” said Kit Wong, the CEO at Lu International in a statement.
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The launch is also significant because it marks a another step in Ping An’s ambitions in Southeast Asia. In August, the company announced it wants to launch its medicare services (named Ping An Good Doctor) in Southeast Asia by the end of the year.
Good Doctor raised US$1.1 billion in a Hong Kong-based IPO in April.
Ping An is notable in China because it is a traditional company that has started to perform well in the tech space. This has allowed it to largely avoid the inevitability of joining forces with either Tencent or Alibaba.
The app is the byproduct of Lu International, a company launched in Singapore in 2017 that falls under the Ping An corporate group under Lufax.com.
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Copyright : Jordan Tan
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