Investors in the fintech unicorn may be anticipating the move brings its long anticipated IPO a step closer.
Lufax will open its first overseas base in Singapore as the giant of Chinese fintech looks to new international markets.
The firm started out with P2P lending but has since made several forays into the online wealth management space including robo advice.
Now, as competition heats up in Asian market for fintech, the firm is looking to expand beyond the Chinese and Hong Kong market, Reuters reports.
Lufax choose Singapore over Hong Kong owing to its mor friendly regulatory environment the firm said.
With a valuation of $18.2bn, from its last $1bn funding round, the firm is one of the largest fintechs in the world.