Latest news with #WeLab
South China Morning Post
04-05-2025
- Business
- South China Morning Post
Hong Kong's 8 online banks set sights on managing wealth after 74% deposits growth
Hong Kong's eight digital banks have vowed to expand their wealth management businesses in the coming years, after five successful years of drawing customers' deposits gave them the confidence to venture further into a territory long dominated by bricks-and-mortar banks. Advertisement All eight of the branchless lenders reported a strong increase in deposits, loans and net interest income in 2024. They did not report a net profit, but their losses narrowed due to improved net interest income and fee income from their wealth management businesses, according to separate announcements on Thursday. In 2019, the Hong Kong Monetary Authority (HKMA) issued eight virtual bank licences. In October, the HKMA relaxed its rule to allow them to have a limited number of branches, but to date, none of the companies have opened their physical doors. In 2020, ZA Bank, WeLab Bank, Mox Bank, Ant Bank, Livi Bank, PAO Bank, Airstar Bank and Fusion Bank commenced operations. The Covid-19 pandemic helped them grow because people were working from home. An undated photograph of WeLab's office in Hong Kong. Photo: WeLab The eight digital banks had attracted a combined HK$64.39 billion (US$8.3 billion) of deposits as of the end of last year, an increase of 74 per cent from a year earlier, according to a Post calculation.
South China Morning Post
30-04-2025
- Business
- South China Morning Post
Hong Kong firms' expertise boosts digital ecosystems in belt and road countries
Hong Kong's global reputation as a dynamic international business and finance centre has been built on its renowned 'can do' spirit and ability to embrace change. Advertisement The city's government has been quick to provide support to firms as they transform themselves through the use of new digital technologies, including artificial intelligence (AI) – computer systems that can emulate intelligent human behaviour – and the Internet of Things, where interconnected everyday devices share data online. Hong Kong's financial technology (fintech) sector, where computer programs and other digital technologies help to provide banking and financial services, is making full use of digitalisation. Today, it is home to a vibrant fintech ecosystem comprising about 1,100 fintech companies and start-ups. The city's strengths, including its robust innovation and technology ecosystem and ability to link China with the rest of the world, enable Hong Kong-based firms to help emerging countries which are part of the Belt and Road Initiative to improve their digital infrastructures and connectivity and develop more digital economic partnerships. The global development strategy, initiated by China in 2013, aims to enhance trade and economic integration and encourage collaboration among participating nations in fields such as innovation, healthcare and green development. Advertisement WeLab, the fintech unicorn – or new company valued at more than US$1 billion – behind the licensed digital bank, WeLab Bank, has played an important role in strengthening the digital economies in these emerging markets. The company, founded in 2013, now offers mobile-based consumer financing solutions and digital banking services to more than 70 million individuals and 700 enterprises across Hong Kong, mainland China and Indonesia.
South China Morning Post
10-04-2025
- Business
- South China Morning Post
HKIC backs fintech unicorn WeLab to bring Hong Kong start-ups to Southeast Asia
The Hong Kong government's investment arm is keen to leverage the expertise of its latest investee – fintech unicorn WeLab – to support start-ups from the city looking to expand in Southeast Asia. Advertisement Hong Kong Investment Corp (HKIC), which manages HK$62 billion (US$8 billion) of funds, on Thursday formed a partnership with WeLab after acquiring an unspecified stake in the consumer finance company. The strategic partnership with WeLab 'marks another milestone in the HKIC's investment journey', said Clara Chan Ka-chai, CEO of HKIC, adding that the fund has invested in more than 100 projects so far. 'Every Hong Kong dollar invested by the HKIC has attracted over HK$4 from long-term capital for investment,' she added. Clara Chan, CEO of Hong Kong Investment Corporation, said the current market volatility might present some good long-term investment opportunities. Photo: Edmond So HKIC's outlay in WeLab is its first publicly known investment in a consumer finance company, which could lead to further investments in start-ups targeted at consumers.
