A couple of weeks from now Greg Gibb, the Chairman of Lufax, will be taking the main stage at LendIt to introduce his firm to the online lending world and show everyone what it looks like when a major financial institution decides to organically build a P2P firm.
In less than three years, Lufax is already the world’s third largest P2P firm and it is easily the fastest growing. By throwing the weight of Ping An Insurance behind it, Lufax is on a trajectory to pull away from everyone and redefine P2P’s position within the greater financial services community.
A lot of people often ask the question, will the banks ever enter the P2P market? If a bank were to ever get serious about P2P, their first step should be to study the Ping An-Lufax playbook and learn from this huge success story.
My partner, Jason Jones, will be conducting a fireside chat with Greg at LendIt and he sent along a few question to the Lufax team in order to set the stage.
Q: What is Lufax and why did Ping An Insurance Company of China create it?
A: Lufax offers a broad set of online P2P driven financial services that are at the forefront of consumer lending, commercial banking and investment banking services for individuals and businesses. Founded in 2012, Lufax has revolutionized the way individuals and companies in China think about financing, through financial innovation and sound risk management.
Ping An Group created Lufax based on a desire to better connect individuals and business that need funding with investors who are looking for investment opportunities. Lufax is a key part of Ping An Group’s Internet finance strategy and helps drive business for the company’s wealth management division. [Read more…]