Lu International (Singapore) Financial Asset Exchange, a subsidiary of Shanghai-based fintech firm Lufax Holding, and Kasikornbank, one of Thailand’s largest banks, have launched an online wealth management platform for retail investors in Thailand.
Called FinVest, the new digital investment platform is aimed at helping local investors gain access to a full spectrum of onshore and offshore investment products, including access to more than 600 funds from 15 asset management companies in the country. The minimum investment amount is 1,000 baht or around US$35, with no additional account or closing fees.
“Thailand is one of the fastest growing markets in Southeast Asia and continues to see rapid wealth growth and economic development,” says Greg Gibb, chief executive officer of Lufax Holding, which is an associate of China’s Ping An Group.
“Partnerships and the sharing of technology know-how are defining the financial industry across the region, making significant improvements to the quality of service and offerings to clients. Through the collective capabilities of Lu International and Kasikornbank, investors now have access to international investment opportunities that have previously only been available to a select few.”
The mobile app allows investors to make informed investment decisions and gives them round-the-clock digital access to comprehensive information about their accounts, market insights and intelligence relevant to their portfolio. Relevant investment knowledge is provided by Lu International and Kasikornbank in collaboration with Robowealth, a wealth-tech specialist and investment solutions provider in Thailand.
The platform adopts strict Know Your Product (KYP) and Know Your Customer (KYC) compliance procedures, alongside an anti-money laundering (AML) and an anti-fraud system, to meet regulatory requirements.
Kasikornbank president Patchara Samalapa notes: “In 2020, Thailand’s total outstanding capital market value is worth around 44 trillion baht. Of this amount, investment in mutual funds totals 4.8 trillion baht or around 10%. Of late, the younger generation has shown increasing interest in mutual funds, preferring to conduct transactions via digital channels and seeking products related to Thai and foreign equity instruments. Moreover, open-architecture investment is growing every year. Development of the FinVest digital platform will help enhance investment potential for Thai retail investors, allowing them to directly invest in global mutual funds via FinVest”.