Lufax, China's leading retail fintech enterprise, said on Tuesday that its subsidiary in Singapore has formed an alliance with Kasikornbank (KBank), one of Thailand's largest banks, to establish a comprehensive online wealth management platform for retail investors in Thailand.

The platform will be jointly operated and managed by both parties. It will be deployed on a fintech platform developed by Lufax, which is able to flexibly configure product modules, improving operational efficiency.

"The world is about to enter another wave of digital disruption as big players like commercial banks morph into fintech organizations. We are ready to create a digital service platform to allow Thai individuals and businesses to go beyond borders to capitalize on massive opportunities," said Kattiya Indaravijaya, CEO of Kasikornbank.

"We believe this partnership will accelerate the pace of digital transformation within the financial institution industry in Thailand and across the Southeast Asian region," said Greg Gibb, CEO of Lufax.