The subsidiary of Chinese online wealth management firm Lufax has launched a wealth management mobile app in Hong Kong.
The Lu International wealth app allows customers to open their accounts online within three minutes, with instructions driven by artificial intelligence (AI).
The process includes investment preference questionnaires to identify customers’ risk thresholds and big data analysis for making fund recommendations.
It offers a selection of Hong Kong dollar-based mutual fund products, covering all major markets and asset classes, and transaction fees for all products are waived for a limited time, according to a statement.
“The product offers 24-hours-a-day, seven-days-a-week integrated wealth management services to Hong Kong customers,” the firm said.
The Lu Wallet service in the app provides same-day completion of transactions (T+0), and flexible redemption and purchase.
Customers can subscribe to funds at a minimum of HK$1 (£0.10, $0.13, €0.11), transfer their cash balance to money market funds automatically, withdraw and redeem anytime without penalties, and directly purchase a variety of other investment products.
Cai Hua, chief executive of Lu Hong Kong, said: “Apart from our AI frontline customer services, we also apply different technologies to our middle and back offices to optimize operation efficiency.”
The launch of the app comes after Lu International in Hong Kong, which is a subsidiary of Shanghai-based Lufax Holding, gained a Type 1 (dealing in securities) licence from the Securities and Futures Commission (SFC) in late-June.
The licence enables the firm to trade shares, bonds and mutual funds for individual investors.
The firm already held Type 4 (advising on securities) and Type 9 (asset management) licences.
“Hong Kong is at the forefront of international financial markets, in terms of the maturity of its regulatory framework, the depth of its trading markets and the diversity of its financial products,” said Cai.
“Due to the pandemic, global demand for online financial services has increased significantly[which] has accelerated digital transformation in the wealth management industry.”
For more insight on asset and wealth management in Asia, please click on www.fundselectorasia.com