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Ping An Insurance cooperating with Danish bank

Updated: 2016-05-25

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Lufax, the Internet financial arm of China's Ping An Insurance (Group) Co, recently reached a deal with Denmark's Saxo Bank, Pudong Times has reported on May 23.

according to the deal, Saxo Bank will provide a stable quotation system and market access to Lufax, while Lufax will give its clients customized trading service in overseas market with the help of Saxo Bank.

The purpose of the deal is to provide overseas financial services for Chinese investors, because of increasing desire of Chinese investors to invest overseas. In expanding on this, the CEO of Lufax, Ji Kuisheng, says that the number of Chinese enterprises wanting to invest overseas has risen dramatically in recent years and that he expects that this cooperation can satisfy this increasing demand.

In commenting further, Adam Reynolds, Saxo Bank's Asia Pacific CEO, says that the two parties will focus on online investment.

Lufax, or the Shanghai Lujiazui International Financial Asset Exchange Co, is a peer-to-peer lender and broker, valued at $18.5 billion, as of Jan 18, and on its way to becoming one of the world's most valuable financial technology startups.

Saxo Bank has its HQ in Copenhagen, Denmark and is known for its sci-tech financing and has a strong international network with offices across Europe, Asia, Australia, South America, and Africa, and clients in more than 180 countries.