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Last Updated : Mar 15, 2019 08:04 PM IST | Source: Moneycontrol.com

Fintech firm Lu Global wins recognition for its AI-driven platform

Lu Global is one of the few financial institutions in Singapore with a fully online account opening process.

Moneycontrol News @moneycontrolcom

Lu Global, the online wealth management platform by Lu International Financial Asset Exchange, has been awarded the Best Application of Fintech (ASEAN) by Asia Asset Management.

Lu Global is an online wealth management platform enabling access to wealth management products that were previously available to mainly private banking and institutional clients. The platform caters to only accredited investors in Singapore, but a broader range of investors in other Asian markets.

Lu Global was awarded for its sophisticated technology and strong, reliable security processes. It taps on Ping An's AI technology, to create an end to end process with minimal human intervention and a data-driven risk management framework.

The technology powering Lu Global plays a vital part in ensuring a smooth customer journey on the platform. For customers who download the app, onboarding is entirely digital. For instance, the account opening process can be completed within 11 minutes or less.

Lu Global is one of the few financial institutions in Singapore with a fully online account opening process. The onboarding process utilises cutting edge technology to run multi-level checks on investor details including real-time face verification and name screening checks.

Investors use their mobile phones to scan documents to capture key data and store identification documents. GPS technology is used to verify the address provided. Post-onboarding due-diligence involves on-going automated name screening and transaction monitoring.

The platform employs stringent KYC standards. This involves employing a fully digital: Know Your Product (KYP) process, Know Your Customer (KYC) processes Anti-Money Laundering (AML) and anti-fraud controls.
First Published on Mar 15, 2019 08:04 pm
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