China’s largest peer-to-peer lending platform Lufax has today announced a new white label partnership with Saxo Bank – a global firm that offers online trading services to retail investors.
The agreement is expected to become effective within the next three months and will see Lufax leverage Saxo Bank’s trading technology. The retail forex broker will provide Lufax’s clients with a seamless experience across mobile and desktop platforms, including complete functionality across the trade cycle – from pre-trade, execution and post-trade services for ETFs.
Launched in 2012, Lufax is one of the largest consumer peer-to-peer lenders in China and is an associate company of Ping An Group, one of China’s largest financial institutions. Last January, the company raised around $1.2bn in a Series B investment round that valued the platform at $18.5bn. Share purchasers in the round – one amongst the largest, if not the largest private investment to have ever taken place within the alternative finance space – included Bank of China Group Investment, Guotai Junan Securities Hong Kong, the investment arm of COFCO Group and a unit of Minsheng Bank.
Gregory Gibb, CEO of Lufax, offered comment:
“We are delighted to be able to offer an alternative channel of this calibre to our trading community. Saxo Bank is at the forefront of online trading and its expertise will strengthen our ambition to be China’s leading online wealth management provider.”
This agreement with Lufax marks Saxo Bank’s second agreement with a Chinese company in just the past few weeks. Last month, the platform entered into a tri-party agreement with Wallstreet CN, one of the most popular financial content providers in Greater China, and local broker solutions provider LeanWork.
Adam Reynolds, CEO Saxo Bank Asia Pacific, added:
“Lufax is a milestone company to commit to providing its clients with a best-in-class trading experience through a white label partnership with Saxo Bank. Our second Chinese partnership in a matter of weeks is multi-faceted; highlighting not only our commitment to the empowerment of the region’s investors and position as an enabler of financial market activity in one of the world’s largest markets, but also the strength of our platform and OpenAPI technology – both of which we believe to be integral to the future of trading globally.”