19 Jul '17, 2pm

Chinese fintech giant Lufax chooses Singapore for new platform

Chinese fintech giant Lufax chooses Singapore for new platform

It's as yet unclear whether this development will boost or harm Singapore's push to become a global fintech hub. The conditions of the offshore license will prevent Lufax from bringing new services to Singaporean consumers, which could go against the MAS' concerted efforts to nurture its domestic fintech companies, and instead give the city-state reputation as a place where foreign fintechs can easily get licensed without having to serve the local population. On the other hand, this loophole could attract more Chinese companies increasingly looking to give their investors easy access to overseas markets, thus making Singapore an invaluable portal for Chinese behemoths. As such, Lufax's move may force Singapore to start thinking about which kind of hub it wants to become — a facilitator for foreign players, or a fintech powerhouse in its own right.

Full article: http://www.businessinsider.de/chinese-fintech-giant-lufax...

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