Lufax, which started as a peer-to-peer lender and is backed by influential investors including Ping An Insurance and Tiger Global, and competitor Creditease, now offer wealth management services that they are aggressively growing in their domestic market while harbouring international ambitions. “It is the same type of technology as marketplace lending,” says Soul Htite, co-founder of Dianrong, another P2P platform. “If you have only Rmb10,000 to invest, most wealth managers don’t want to bother, but we have lower costs so we can.” As China’s fund management industry grows, relationships with overseas investment firms are likely to multiply.

https://www.ft.com/content/0504f4f8-6ac4-11e7-bfeb-33fe0c5b7eaa