17 Jul '17, 11am

Singapore licenses first Chinese fintech firm, heating up competition with Hong Kong

China’s second-largest peer-to-peer lending platform, founded by the Ping An Group, has been granted a licence to operate in Singapore, giving the city a leg up in its competition against Hong Kong in attracting investments to nurture financial technology and innovation. Lujiazui International Financial Asset Exchange, or Lufax, the P2P lender that Ping An established in 2011, was given the green light to launch an international wealth management platform by the Monetary Authority of Singapore, which will launch next month. Gregory Gibb, co-chairman and chief executive of Lufax Holdings which owns the platform in Singapore,said regulation was a key reason the group had opted for Singapore instead of Hong Kong for the development. “Singapore has developed fintech regulation for a long time so that it has a clear and established regulatory regime on what it wants from the fi...

Full article: http://www.scmp.com/business/companies/article/2102993/si...

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SINGAPORE (Reuters) - Chinese online wealth management giant Lufax will launch its first overseas platform in Singapore, t...

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