Singapore-based Lu International, a wealth management subsidiary of Chinese fintech unicorn Lufax, and Thailand’s Kasikornbank (KBank), on Tuesday rolled out a new service for individual investors in Thailand to buy mutual funds from across the world, according to an announcement.
The application allows Lu International to tap into Southeast Asia’s second-largest economy where mutual funds only account for 10% of Thailand’s THB 44 trillion (USD 1.5 trillion) capital market. As for KBank’s 16 million deposit customers, only 2% are putting their money in funds, its president Patchara Samalapa said.
Patchara added that the app aims to target Thai retail clients who prefer to invest in both local and foreign wealth management products through digital channels. They will have access to foreign mutual funds from “early next year.” The bank said it plans to open at least 120,000 accounts, with an investment volume of over THB 14 billion (USD 463,100).
Lu International set up in Singapore in 2017 as Lufax’s first international arm outside China at the time. The firm launched a wealth management platform in the city state in the same year, followed by Hong Kong.
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