Lufax, China’s finance marketplace, announced today that its flagship P2P marketplaces have reached 10 million registered users.
Gregory Gibb, Chairman and CEO of Lufax, stated:
“We are excited to achieve this significant milestone. Our growth continues to accelerate as Lufax users experience the security, innovation and convenience provided by our online marketplaces. Our number of registered users exceeded 5 million in our first two years of operations, which was considered a major step forward in China’s Internet finance. Now, just six months later, we have doubled our user base and reached 10 million registered users. We are proud to lead our competitors in user enrollment and believe we have built a strong foundation to execute our open platform strategy going forward.”
Lufax officially introduced its open platform strategy in March 2015, shortly after its consolidation of Puhui Finance from the Ping An Group to create the Lufax Inclusive Financial Department and to transform the Company to an information service platform for standard and non-standard financial assets and P2P transactions.
Lufax’s long-term strategic growth follows a three-stage development. Following the success of the Company’s product innovation, rule setting and user data accumulation on its online marketplaces, the second stage focuses on establishing an open platform and then moving toward achieving full integration of products and users.
“Our robust and rapidly growing user base is creating more momentum for us within the industry. More banks, insurance companies and other third-party financial institutions are looking to develop partnerships with Lufax. The diverse range of wealth management products with different risk-return profiles offered by these institutions will enable us to gain further traction with current and potential users. The Internet finance industry represents a tremendous growth opportunity in China, with total transaction value reaching approximately RMB55 billion in April 2015 alone. This is an almost 12% increase over the prior month and a 270% increase over the prior year. We believe Lufax is well positioned to capitalize on this growth.”