Lu International has linked up with HSBC Bank in Hong Kong to launch a service that drastically cuts the time it takes to transfer funds.
Lu International, the operator of wealth management platform lu.com, has partnered with HSBC to launch a fund transfer service for its Hong Kong account holders on Thursday, the company said in a statement. The service cuts the transfer time to one day from one to three days previously.
«We are pleased to work with HSBC Hong Kong in introducing an efficient and cost-effective method for our clients to remit U.S. and Hong Kong Dollars into their Lu-Global account,» said Kit Wong, chief executive of Lu International.
Applicable For HKD and USD
The service is only available for transfers made in Hong Kong for US dollars and HK dollars to Lu-Global e-wallets. The transfers can be made using Hong Kong-based bank accounts through the domestic funds transfer system.
«Our clients are savvy and require flexibility in how they invest,» said Wong. «It is a competitive market and we are continuously exploring new ways of enabling investors to invest flexibly and securely,» he added.
Demands of Tech-Savvy Consumers
The service allows its customers to save money when transferring funds. Instead of incurring a charge of $25 to $50 for each transaction, HSBC Hong Kong account holders can now transfer funds into their Lu-Global accounts at zero cost. For clients that have linked their Lu-Global accounts to other Hong Kong-based banks, fund transfer charges have been lowered significantly.
«Across Asia, businesses are embracing emerging technologies to adapt to the demands of tech-savvy consumers,» said Yvonne Yiu, head of global liquidity and cash management, at HSBC Bank in Hong Kong.
Enhancing Wealth Management Platform
Earlier this year, Lu International launched an online investment and wealth management platform – Lu Global – in Singapore. Lu Global offers investors access to wealth management products that were previously available mainly to private banking and institutional clients.
