HONG KONG, July 12, 2019 /PRNewswire/ -- RISE, Asia's largest tech conference, took place in Hong Kong this week. At Thursday afternoon's "How to Win in Asia" panel on the Centre Stage, Lufax chief product officer Jeff Li joined a discussion with the co-founder of both Skype and Oriente Geoffrey Prentice, Silicon Dragon Venture's Rebecca Fannin, and The Economist Global Business Review's Wu Chen, who moderated the panel.
The panelists shared their insights on the burgeoning tech scene in Asia, addressing topics such as the rise of Chinese tech titans, the asymmetrical levels of tech and financial knowledge in Asia vis-à-vis the West, as well as how Chinese companies are leading innovations, seeing their ideas travel beyond the borders of China, and transforming their businesses to adapt to an ever-changing landscape.
"Lufax was founded in 2011 on the principle of financial inclusion and helping people reach their financial targets," said Jeff Li, "We have always remained nimble and strived to stay ahead of the curve by diversifying our service offerings." Li explained that personal wealth in China had grown exponentially in the recent years, with investable asset and disposable income reaching ever-new heights. Lufax's portfolio has since expanded into providing turnkey financial solutions to local governments and financial institutions, as the company continuously strengthens its wealth management core with technology.
Technology has been the main driver for Lufax's continued growth, and suitability assessment is a prime example of how Lufax adds value with technology. "As a provider of financial services, risk management is the key for us," expounded Li, "The application of big data technologies and artificial intelligence within our dynamic KYC system allows us to help better assess the risk appetite, capacity, and attitude of individual customers."
At the same time, Lufax leverages big data technologies in evaluating the risk of underlying assets of financial products, and thus helps its investors make informed decisions. "We use artificial intelligence to scan and assess the vast reams of market data, create knowledge graph, and help visualize information for our customers in an easily digestible and understandable fashion." These powerful technologies have helped build Lufax's data-driven risk management apparatus and allowed for real-time optimal matches.
Lufax has also exhaustively combed through all the nodes and specks on its platform, using algorithmic models to anticipate potential issues and actively provide support throughout the entire customer life cycle.
Panelists observed that while the people in Asia are generally more savvy than those in the West with mobile phones, they are often not as financially sophisticated as their western counterparts. Li stressed the imperativeness of investor education, and discussed Lufax's commitments to help raise financial literacy, build reliable risk profiles, and help investors understand the multiple dimensions of risk. "Lufax advocates for diversification through an asset allocation plan," said Li, "Investor education is not only an integral part of compliance, but also helps our customers better understand risks and be informed with the health of their investments. Through this we are able to nudge our customers toward more suitable products."
Looking ahead, while all panelists agreed Asian tech titans and Silicon Valley incumbents each had their fair share of both ingenuity and issues, Li also saw opportunities in the democratizing power of tech. "With the advancement of technologies such as 5G networks, the next generation of mobile infrastructure, the divide between urbanites and ruralites will narrow and begin to gradually diminish," envisioned Li, "Such convergence will inject more, and more diverse, brainpower into the equation, and open up new possibilities." The cautiously optimistic Li argued that results should be measured based on how much value they add for the customers and not from where they came.
Lufax is a world-leading comprehensive online wealth management platform. The company leverages its global financial footprint and technological innovations in building its comprehensive risk management apparatus, and provides institutions, enterprises, and qualified investors with secure, professional, efficient services in financial transactions and information.
RISE is the largest tech conference in Asia. It is produced by the team behind Web Summit and Collision - two of the largest and fastest-growing tech conferences on the planet. Leaders from the world's biggest companies and most exciting startups flock to Hong Kong to share their stories. They are joined by journalists from major global media outlets, hundreds of influential investors, and thousands of attendees for three days of unparalleled networking potential.