Fintech
Lufax Vice President Yunny Lee Envisions a Self-Improving Future of Finance
Lufax vice president Yunny Lee shared her insights and Lufax’s best practices on breakthrough financial technologies (Fintech) and the future of finance at The Asian Banker’s Finance China 2019. Finance China is an annual conference that brings together industry leaders to meet and exchange professional insights, work on detailed solutions, and discuss the latest trends in the industry. This year’s event gathered more than 400 of the country’s financial institutions, regulators, policy makers, and service providers.
Lee identified three key pain points of the financial industry, namely the high cost, the high threshold for entry, and the low efficiency. The advent of Internet-based platforms, and lately the rise of artificial intelligence (AI), according to Lee, has helped to remove physical limitations and expand service coverage, lower the entry point, and make financial services more inclusive. “Lufax has been leading the way in the application of such technologies as AI, big data, and cloud computing,” said Lee. “At Lufax, tech and fin are like yin and yang working together in a virtuous cycle, giving rise to easier, safer, and more efficient solutions, creating value for the investor community, and injecting capital back into the greater society.”
Lufax has always placed its customers at the center and strived to deliver an ever-improving customer experience since its foundation in 2011, said Lee. Empowered by advanced technologies, the lu.com platform now serves 43 million registered users from more than 400 cities. 53% of new investments on Lufax’s platform in the past 12 months came from China’s tier two to tier five cities. The on-boarding process now takes just five minutes. All these are making financial services easier and more inclusive every day.
On the other hand, explained Lee, the financial DNA of Lufax differentiates the company from the Internet-native platforms in its emphasis on risk management and due diligence. Lufax uses big data technologies to drive its proprietary Know Your Customer (KYC) and Know Your Product (KYP) systems, facilitating intelligent risk matching with accurate user profile and in-depth market intelligence. Recognizing blockchain’s resistance to alterations, Lufax deploys the technology across its platform to trace transactions and ensure transparency. In addition, Lufax’s AI-driven wealth management interface renders timely services and delivers a frictionless customer experience. “Customers are often faced with challenges brought on either by asymmetrical information, or their own lack of understanding toward investment and risk,” expounded Lee. “This is where AI can come in and help identify the optimal match, thus democratizing professional and individualized services.” Lufax’s KYC and KYP systems, using AI, big data, and cloud computing, have changed the paradigm of investment and wealth management from one oriented toward sales targets to one oriented toward customer needs. “While our systems have achieved more than three trillion successful matches to day, they have also rejected more than 2.42 million transactions, that are worth 3.85 trillion, for risk mismatch,” shared Lee. “We strive to empower our investors to make informed decisions, and help deliver a positive and gratifying experience. Happy customers are often loyal customers.”
Technologies also add value in making finance more efficient, added Lee. Lufax’s one-stop, completely online platform helps to reduce repetitive labor and improve efficiency, processing trillions worth of transactions across 7,000 products each year with just 1,000 service personnel. Lufax recently introduced a Know Your Intention (KYI) module built upon Natural Language Understanding (NLU) and look-alike algorithmic modeling. “We are the first in the industry in mapping out the entire customer journey on our platform, with more than 100,000 touch points,” said Lee. “This gives us the ability to make educated predictions about customer needs, anticipate potential difficulties they may run into, and actively provide help to ensure their satisfaction.”
Lee named adaptive transformation the key in Lufax’s continued growth, and saw the next stage of transformation to be one that goes from “empowered” by technology to “enabled” by technology, “With the help of machine learning, many of our systems are now self-improving. They no longer wait around to be empowered or upgraded every now and then, for they are already self-enabling just from their normal operations.”
“The most intrinsic advantage of Fintech is its extraordinary ability to handle scale and capacity, all without compromise to customer experience,” concluded Lee. “At Lufax, a technology-enabled, self-improving future of finance is not just an attractive option, but our deepest commitment.”
SOURCE Lufax
Plug and Play, a global accelerator platform and one of the most active early-stage investors globally, has announced a strategic partnership with Gujarat International Finance Tec-City (GIFT City). Through the partnership, Plug and Play will establish and run the International Fintech Innovation Hub (IFIH), GIFT City’s FinTech Incubator and Accelerator, which aims to foster research and innovation in financial technology, reinforcing GIFT City’s role as a premier global fintech hub.
GIFT City’s MD and Group CEO, Mr. Tapan Ray, said, “Our vision at GIFT City is to drive fintech innovation by creating a climate-resilient, inclusive ecosystem that empowers diverse entrepreneurs and builds workforce competitiveness in emerging technologies. With the support of prominent partners in fintech education and incubation, we are committed to nurturing a new generation of talent that will be well-equipped to meet the needs of an evolving global economy.”
Manav Narang, Head of Financial Services for Plug and Play APAC and Program Lead for the GIFT Incubator and Accelerator added, “We are thrilled to bring Plug and Play’s global expertise to GIFT City. Our vision is to create India’s largest industry-wide fintech program – a collaborative platform where banks, payments corporations, venture capital and corporate venture capital firms, accelerators, and ecosystem partners unite. Together, we aim to catalyze transformative fintech solutions and nurture fintech unicorns that will shape the future of finance in India.”
The program will support fintech startups with resources, mentorship, capital, and networking to navigate and excel globally in the dynamic fintech landscape. The first batch of startups will be unveiled in January 2025.
The post Plug and Play and GIFT City Launch “IFIH,” a Global Fintech Incubator and Accelerator appeared first on .
Doo Group’s brokerage brand, Doo Financial is thrilled to announce its expansion into Indonesia by acquiring a reputable Indonesian broker to expand the business. This move brings its global investment services to local investors. Backed by the strength of Doo Group’s extensive international presence, cutting-edge technology, and 10 years of expertise, Doo Financial is well positioned to support investors at every level.
As a brand encompassing investment services offered by various legal entities within the Doo Group, Doo Financial provides a comprehensive range of global brokerage services. This wide range of products empowers investors to pursue their financial goals.
With a diversified portfolio, Doo Financial empowers investors to navigate various market conditions effectively, manage risks, and focus on long-term growth. This entry into the Indonesian market reflects Doo Financial’s commitment to supporting investors with flexible, high-quality investment options tailored to today’s dynamic financial landscape.
Supervision by International Regulatory Institutions to Ensure Top-Tier Safety
As a global leading finance group, Doo Group has licensed entities regulated by top regulatory authorities worldwide, ensuring a secure and reliable trading environment.
Our global credentials include licenses from the U.S. Securities and Exchange Commission (US SEC), the Financial Industry Regulatory Authority (US FINRA) in the U.S., the Financial Conduct Authority (UK FCA) in the UK, the Australian Securities and Investments Commission (ASIC), the Hong Kong Securities and Futures Commission (HK SFC), Badan Pengawas Perdagangan Berjangka Komoditi (BAPPEBTI) in Indonesia. These licenses enable us to provide secure and reliable financial services globally.
Dedication to Shape the Industry with Innovative Solutions
Doo Financial’s expansion into Indonesia brings advanced technology and a global perspective to empower local investors. As an international investment firm committed to secure and seamless trading, Doo Financial offers a diverse range of products and services to help diversify portfolios and open up new opportunities.
This growth elevates opportunities for Indonesian investors by offering seamless access to global markets and advanced trading platforms within a secure and regulated environment. It broadens investment choices and enhances the trading experience, aligning it with international standards and empowering local investors with comprehensive tools and resources for success.
Driven by unwavering commitment, this growth marks a significant milestone in Indonesia’s investment landscape, equipping our clients with the tools to navigate global markets. We remain dedicated to delivering exceptional service, exploring new opportunities, and driving future breakthroughs. With continued support from the FinTech community, we are excited to innovate and shape the future of finance.
Stay updated with the latest insights from Doo Financial. Join our community of empowered investors and let us be your trusted partner!
E-mail: [email protected]
The post Doo Financial Now in Indonesia: Offering Local Investors A Gateway to Global Markets appeared first on .
Fintech is on an accelerated trajectory of investment, collaboration, and innovation. This pulse tracks the most significant developments in the sector, from high-profile investments to global platform expansions. Each update in this briefing serves as a key indicator of where the industry is headed.
1. European Fintechs Face Regulatory Pressures Amid New Investment Surge
The European fintech sector finds itself at a crossroads with increasing scrutiny and rising costs due to stringent regulations. While investments continue to flow into the continent’s financial technology companies, challenges in meeting new compliance requirements, especially around data privacy and cybersecurity, create a complex landscape for scaling. This tension between opportunity and operational limitations might affect European fintechs’ growth strategies.
Source: Financial Times
2. Shopify, Slack Founders Join Peter Thiel in Fintech Investment Push
Tobi Lütke of Shopify and Stewart Butterfield of Slack, along with investor Peter Thiel, have co-invested in a new fintech initiative that aims to bolster small business access to capital. By merging technology with a streamlined funding model, this new initiative targets underserved SMBs, highlighting a broader trend of high-profile tech leaders pivoting to fintech investment. The participation of Lütke and Butterfield signals increased cross-sector collaboration in fintech, bringing expertise from e-commerce and communication technology into the financial arena.
Source: Yahoo Finance
3. Lean Technologies Raises $67.5 Million to Drive Fintech Innovation in the Middle East
Riyadh-based fintech platform Lean Technologies recently secured a $67.5 million Series B investment round, aiming to expand its operations across the Middle East. This funding reflects growing investor interest in emerging markets and the potential of Middle Eastern fintech to bridge regional gaps in financial services access. As Lean Technologies broadens its service offerings, the funding will support further technological integration and scalability across financial ecosystems in the region.
Source: Fintech Global
4. Apollo Global Management Invests in Fintech for Private Offerings Support
Apollo Global Management has taken steps to enhance its services for private offerings by investing in specialized fintech solutions. This development signifies a growing trend among private equity firms to adopt fintech as a core component in their service expansion, particularly for personalized client services. Apollo’s strategy of integrating fintech solutions into private offerings marks a strategic shift toward digitalization within traditional financial sectors.
Source: Bloomberg
5. Juniper Research Names 2025’s Future Leaders in Fintech
Juniper Research has revealed its picks for the top future leaders in fintech for 2025. This list emphasizes innovation in fields such as AI, open banking, and decentralized finance, highlighting startups that exhibit potential for reshaping industry standards. As these up-and-coming firms push the boundaries of traditional finance, they exemplify the rising tide of next-generation financial technology poised to become industry mainstays.
Source: Globe Newswire
Conclusion
The convergence of seasoned tech giants with fintech, new funding rounds for region-specific platforms, and the rise of future industry leaders underscore the momentum of the fintech sector. Each of these stories reflects a broader narrative: fintech is not only diversifying in services but also rapidly integrating into traditional finance and tech, paving the way for a transformative era.
The post Fintech Pulse: Evolving Fintech Investments and Partnerships Signal Industry Transformation appeared first on HIPTHER Alerts.
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