ASIA: China’s Ping An Group supports online wealth management platform in Singapore

China-based financial institution, Ping An Group expanded its coverage by supporting an online wealth management platform in Singapore. The group made this announcement after receiving an in-principle approval letter from Singapore’s Monetary Authority of Singapore (MAS). Ping An Group is currently the largest online wealth management solution in China and has over 31 million users since its inception. Following the in-principle approval from the MAS, the group expects to complete operations by Q3 of this year.

The expansion to Singapore was taken in lieu of the country’s role as a key financial hub within the One Belt One Road (OBOR) initiative. The group also chose Singapore for its well-developed financial system and availability of investment talent and expertise. The platform will be the first pure online wealth management platform in Singapore, which enables facial recognition for account opening and investing. The technology will also empower investors from all over the world to conduct transactions on a mobile device.

According to RFi Group data from the Singapore Retail Banking Council (H1 2017), fees and charges is ranked first in selecting a specific investment provider (18%). The new platform will be able to reduce the costs associated with investments given its unique user experience. 

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