News > FinTech, AI

WeLab Scores Hong Kong’s Fourth Virtual Banking License

By NexChange
FinTech, AI

WeLab – the company behind lending platforms Wolaidai and WeLend – recently announced that its subsidiary, WeLab Digital, has been awarded a virtual banking license by the Hong Kong Monetary Authority.

This is the fourth license granted by the HKMA and the first one supplied to a homegrown fintech firm. Needless to say, the company is quite stoked about it:

Simon Loong, the Founder and CEO of WeLab, said: “WeLab is honored to be granted a virtual banking license in Hong Kong. WeLab will fully dedicate its resources to provide seamless digital financial services built for the customer, leveraging on the proven track record, cumulative knowledge and experience over the last six years. As a Hong Kong homegrown innovator and fintech company, we believe that the license is validation and recognition of our innovative mindset and proven fintech capabilities.”

The company also announced that Professor KC Chan, the former Secretary for Financial Services and the Treasury of Hong Kong and the former Dean of the Business School at HKUST, will be coming aboard as Chairman of WeLab virtual bank. Professor Chan had this to say about his appointment:

“Virtual banking heralds a new stage of development for Hong Kong banking and fintech. As Chairman of WeLab Digital, I will lead the team to build on WeLab’s success, leading with technology to promote financial inclusion.”

Through its new license, WeLab virtual bank plans to provide “more convenient and diversified retail banking services and products to Hong Kong customers” and it aims to use artificial intelligence, big data, machine learning, and other leading technologies to do so. The virtual bank is expected to roll out in 6 to 9 months’ time.

Photo: Lim Ashley

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