Deals - Asia

China's Lufax ties up with Thai bank for local online wealth management

BEIJING (Reuters) - Lufax, one of China's largest online wealth management platforms backed by Ping An Insurance Group 2318.HK601318.SS, said its unit has formed an alliance with Kasikornbank KBANK.BK to set up an online wealth management platform in Thailand.

The platform, to be jointly operated by both parties and used for retail investors in Thailand, will help Lufax to expand its footprint in the region, according to company statement sent to Reuters via email on Tuesday.

Lufax said its unit in Singapore, Lu International, now serves over 380,000 registered customers in several markets in Asia.

Reporting by Cheng Leng, Zhang Yan and Ryan Woo; Editing by Muralikumar Anantharaman