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Ping An, Hong Kong Securities and Futures Commission
Ping An, the Hong Kong-listed conglomerate, announced earlier this week that one of its subsidiaries with a securities dealing licence, can now offer online wealth management services to clients in the Asian city-state.

The licence was granted to Lu International (Hong Kong) Limited by Hong Kong’s Securities and Futures Commission.

In addition, the LUI HK app, an online wealth management platform for Hong Kong residents, is expected to go live in August, Ping An said in a statement. LUI HK obtained the licences to serve the wealth management market in Hong Kong and the Guangdong-Hong Kong-Macao Greater Bay Area.

Under local regulations, financial institutions which provide wealth and asset management services must have Type 1, Type 4 and Type 9 licences.

"Lufax's advanced digital wealth management model is in great demand, not only in mainland China, but also other markets. These licences enable us to directly operate in Hong Kong,” Cai Hua, the head of LUI HK said. “After the launch of the LUI HK app, we will introduce more Hong Kong dollar and US dollar wealth management products.”

The Type 1 licence allows LUI HK to provide individual investors with services for account opening, transactions and asset holding. The Type 4 and 9 licences allow LUI HK to offer investment advice and provide professional investors with asset management services.

In 2017, Lu International (Singapore) Financial Asset Exchange Pte, part of the same group, won a Capital Market Services licence from the Monetary Authority of Singapore. In February 2019, MAS granted LUI the Recognized Market Operator (RMO) licence to provide services to Singapore residents.