Lu Global uses facial recognition and AI for its investor onboarding process.
Lu International rolled out its online wealth management platform for accredited investors in Singapore and investors in Asia, an announcement revealed.
Through Lu Global, investors can have easy access to wealth management products that were previously available to mainly private banking and institutional clients. It has 15 products onboard, comprising a mixture of open-ended and closed-ended funds.
As a member of Ping An group, Lu Global will be utilising the group’s technology as the platform utilises a robust risk management system.
“Our technology will play an important role in opening up a fully automated wealth management tool to investors across Asia,” Ping An CIO Jessica Tan said.
The investor onboarding process of Lu Global uses cutting edge technology in the areas of big data, optical character recognition (OCR), GPS verification, facial recognition and artificial intelligence. Facial recognition technology is used to run multi-level checks on investor details including real-time face verification and name screening checks.
Lu Global also adopts strict Know Your Product (KYP) and Know Your Customer (KYC) compliance procedures, alongside an Anti-Money Laundering (AML) and anti-fraud system.
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