Thailand’s KASIKORNBANK and Lu International Develop Online Wealth Management Platformby Fintech News Singapore August 18, 2020
KASIKORNBANK and Lu International (Singapore), a subsidiary of China’s retail fintech enterprise Lufax Holding, have recently announced a partnership to establish an online wealth management platform for retail investors in Thailand.
The platform named LU Global said it offers customers with round-the-clock access to a wide range of high-quality investments. The platform has instated a risk management system that adopts Know Your Product (KYP) and Know Your Customer (KYC) compliance procedures, alongside an Anti-Money Laundering (AML) and anti-fraud system.
Lufax Holding will utilise its cloud-exporting model for the platform which will be jointly operated and managed by both parties.
“Together with KASIKORNBANK who has a long history of local operations and has built a strong customer base in this market, we believe this partnership will accelerate the pace of digital transformation within the financial institution industry in Thailand and across the Southeast Asian region.”
said Greg Gibb, CEO of Lufax Holding,
Kattiya Indaravijaya, CEO of KASIKORNBANK, said,
“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. 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’.”