Lu International (Singapore) Financial Asset Exchange, a subsidiary of China-based retail fintech enterprise Lufax Holding, and Kasikornbank have partnered to meet rising demands for digital financial services in Thailand.
The partnership allows the bank to leverage Lu International’s technology and expertise to establish a comprehensive online wealth management platform for retail investors in Thailand, which will be jointly operated and managed by both parties.
The jointly built wealth management platform will be deployed on a fintech empowering platform developed by Lufax Holding. In recent years, Lufax Holding has adopted big data, artificial intelligence, cloud computing and other emerging technologies to successfully develop a number of fintech solutions, some of which have already been rolled out — such as the investor suitability management system, “Know Your Intention (KYI)” model that integrates the company’s rich experiences in financial operations, and strong research and development capabilities.
“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.” said Greg Gibb, CEO of Lufax Holding. “We believe this partnership will accelerate the pace of digital transformation within the financial institution industry in Thailand and across the Southeast Asian region.”
Kit Wong, CEO of Lu International, said that in the coming months, the company will continue to grow their capabilities in Southeast Asia, and extend their footprint in the region.
Kasikornbank CEO Kattiya Indaravijaya said the world is about to enter another wave of digital disruption as big players like commercial banks morph into fintech organisations.
“With the necessary technical support coupled with fintech innovation, Kasikornbank has successfully achieved digital transformation through the partnership with Lu International, as well as the help of an open banking services model,” she said. “We are ready to create a digital service platform to allow Thai individuals and businesses to go beyond borders to capitalise on massive opportunities in the ‘Era of Asia.’”
