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Monday, 20 November 2017, 22:00 HKT/SGT
Lufax ranks Top 10 of 'The Fintech100', first in 'Trading and Capital Markets Platform' category

SHANGHAI, Nov 20, 2017 - (ACN Newswire) - From -- KPMG International, the Big Four accounting firm, and H2 Ventures, the fintech investment firm, last week named the year's leading global fintech innovators in announcing the 2017 Fintech100, in which Lufax ranked 6th, with impressive performances in big data analysis and advanced risk assessment models, while taking top spot in the "Trading and Capital Markets Platform" category.

The Fintech100, with a strong international impact, recognized this year's outstanding global fintech companies from among 29 countries. It selects the most innovative companies, those creating products and services at the juncture of technology and financial services while seeking to disrupt the existing processes and products that dominate the marketplace, and tries to uncover future unicorns in the industry.

China continues as a dominant force in the global fintech landscape, with many Chinese fintech companies included in the list this year. The report notes that Lufax is China's largest internet finance company, in a world leading online marketplace for trading financial assets. "Its key play is in the use of big data and IT technologies to formulate advanced risk assessment models and implement risk control systems."

Ian Pollari, Partner & Global Co-Lead at KPMG Fintech, states that Fintech100 companies were selected following extensive global research and analysis based on data relating to five factors: 1. Total capital raised; 2. Rate of capital raising; 3. Geographic diversity; 4. Sector diversity; 5. X-factor: degree of product, service and business model innovation.

The organization emphasizes data as a core of fintech business models. "Whilst lending and payments companies dominate the 2017 list, we also note the rise of data and analytics companies. Data and analytics is an important enabler of the financial services industry and innovation in this area is crucial for the industry to continue to serve the needs of customers and maintain relevance, in the face of growing competition from outside of the traditional industry boundaries."

The report also stated that data is the lifeblood of any financial institution; and will be a critical foundation for the successful adoption of any advanced analytics and artificial intelligence. Greg Gibb, Co-chairman and CEO of Lufax, has said that the Internet had significant impact on market channels over the past five years, but within the next five years big data will play a key role in every aspect of the financial markets. AI and big data will increase market transparency and standardization, fueling the development of the real economy; and will help diversify investor strategy and create greater return for clients.

Lufax is one of the world's leading fintech companies, with over 32 million users on its online wealth management platform. Its KYC and KYP systems, based on big data and AI, have achieved excellent performance, with over trillion products sales and match alerts for 2.26 million deals with 1.21 million investors, amounting to over RMB370 billion.

This is the 4th annual Fintech100 report since KPMG and H2 introduced the Fintech100 in 2014. China continues to play a significant role, with 5 of the top 10 fintech companies, following the trend from previous years.

Nov 20, 2017 22:00 HKT/SGT
Topic: Press release summary
Sectors: Daily Finance, Daily News, FinTech/Chains
From the Asia Corporate News Network

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