HONG KONG and SHANGHAI, June 24, 2020 /PRNewswire/ -- Ping An Insurance (Group) Company of China, Ltd. ("Ping An" or the "Group", HKEx:2318; SSE:601318) is pleased to announce that Hong Kong Securities and Futures Commission (SFC) has granted Lu International (Hong Kong) Limited ("LUI HK"), a subsidiary of Lufax Holding ("Lufax"), a Type 1 (Dealing in Securities) license. With the previously granted Type 4 (Advising on Securities) and Type 9 (Asset Management) licenses, LUI HK can officially provide online investment and wealth management services for all customers in Hong Kong. In addition, the LUI HK app, an online wealth management platform for Hong Kong residents, is expected 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.
As Hong Kong is one of the most strategically important financial centers in the world, LUI HK obtained the licenses to serve the wealth management market in Hong Kong and the Guangdong-Hong Kong-Macao Greater Bay Area.
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."
The Type 1, 4 and 9 licenses are official recognition of Lufax's technology and compliance abilities. With fintech and comprehensive online wealth management services, LUI HK offers Hong Kong retail customers a one-stop shop for Hong Kong dollar and US dollar investment and wealth management services.
The Type 1 license allows LUI HK to provide individual investors with services for account opening, transactions and asset holding. The Type 4 and 9 licenses allow LUI HK to offer investment advice and provide professional investors with asset management 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."
SOURCE Ping An Insurance Group Ltd.