Lu International (Singapore), a subsidiary of Chinese fintech firm Lufax, has established a strategic partnership with Schroders Singapore.
The collaboration will tap into the strengths and capabilities of both entities: Schroders with its asset management expertise and insights, and Lu International with its digital capabilities.
The partnership will aim to create digital wealth solutions in southeast Asia to address the needs of retail investors in the region.
The solutions will first be added to Lu International Singapore’s wealth management platform, before being expanded across Malaysia, Thailand and Indonesia.
Lily Choh, country head of Schroders Singapore, said: “We are very excited to be embarking on this journey with LUI who is in the forefront of digital and technological developments. We believe that digital wealth management will play a big role in the future of investing, given the growing demands of investors in the region, with their digital-led lifestyles and access to vast amounts of information at their fingertips.
“The collaboration will foster opportunities for us to stay ahead of these needs, by leveraging on the synergistic best-in-class technology which Lu International offers, which will allow us to deliver customised solutions and insights that can help investors cut through the clutter in a meaningful way.”
Joanna Tang, chief executive of Lu International, added: “We believe that investors in southeast Asia, with its fast-rising middle class and digital natives, are currently underserved when it comes to a holistic digital investment experience.
“This strategic partnership builds on our long-term ambition to cater to the fast-growing needs of investors in the region. Customisations and superior client experience are cornerstones of successful digital wealth platforms.
“Our collaboration with Schroders is therefore two-fold: first to co-develop innovative tailored digital wealth solutions for our clients; then to work with our local and strategic partners in the region to expand the reach of these solutions.
“We believe that by partnering an established, investment powerhouse like Schroders, we can significantly enhance our offerings for our clients, across segments.”