https://www.scmp.com/rss/502857/feed WeLab is a financial technology (fintech) company headquartered in Hong Kong that operates one of Hong Kong's first virtual banks and a mobile lending platform in China. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Enoch Yiu Enoch Yiu When Alvin Kwock, co-founder of digital insurer OneDegree, took part in the inaugural Hong Kong FinTech Week in November 2016, it was held at a venue suitable for only a few hundred people. “As it was the first ever fintech event in Hong Kong, only fintech start-ups were interested, no big financial institutions paid attention,” Kwock said. “People did not have a clear idea of fintech as it was still in an exploratory stage.” In the years since, fintech in Hong Kong has gone through a sea... https://www.scmp.com/business/banking-finance/article/3334469/work-progress-hong-kong-reaps-fruits-fintech-seeds-sown-nearly-10-years-ago?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3334469/work-progress-hong-kong-reaps-fruits-fintech-seeds-sown-nearly-10-years-ago?utm_source=rss_feed Sat, 29 Nov 2025 02:00:10 +0000 Enoch Yiu Enoch Yiu 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. 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... https://www.scmp.com/business/article/3309033/hong-kongs-8-online-banks-set-sights-managing-wealth-after-74-deposits-growth?utm_source=rss_feed https://www.scmp.com/business/article/3309033/hong-kongs-8-online-banks-set-sights-managing-wealth-after-74-deposits-growth?utm_source=rss_feed Sun, 04 May 2025 23:15:14 +0000 Enoch Yiu Enoch Yiu 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. 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... https://www.scmp.com/business/banking-finance/article/3306030/hkic-backs-fintech-unicorn-welab-bring-hong-kong-start-ups-southeast-asia?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3306030/hkic-backs-fintech-unicorn-welab-bring-hong-kong-start-ups-southeast-asia?utm_source=rss_feed Thu, 10 Apr 2025 12:08:24 +0000 Enoch Yiu Enoch Yiu Global tensions stoked by the US’ so-called reciprocal tariffs against most of its trading partners, is likely benefit Hong Kong as a fundraising hub and enhance its role as a gateway for stronger trade ties with Asia-Pacific and Middle East regions. More mainland Chinese companies were likely to turn to Hong Kong for stock offerings, while America’s blanket tariffs on most nations could deepen trade between China and economies in these two regions and Europe, Financial Secretary Paul Chan Mo-po... https://www.scmp.com/business/article/3305997/trade-tensions-offer-opportunities-hong-kong-ipos-and-trade-paul-chan-says?utm_source=rss_feed https://www.scmp.com/business/article/3305997/trade-tensions-offer-opportunities-hong-kong-ipos-and-trade-paul-chan-says?utm_source=rss_feed Thu, 10 Apr 2025 09:31:40 +0000 Enoch Yiu Enoch Yiu The Hong Kong Monetary Authority (HKMA) has ruled out issuing new virtual bank licences after a review found that the eight players currently operating were adequate and that it may stunt the sector’s development. “Looking ahead, with the diversity of virtual banks and incumbent banks, the HKMA considers that the current number of virtual banking licences is optimal and does not see any strong justification to introduce more new virtual bank players to the market at this juncture,” Eddie Yue... https://www.scmp.com/business/banking-finance/article/3273441/hong-kong-rules-out-more-virtual-banks-citing-need-healthy-development-sector?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3273441/hong-kong-rules-out-more-virtual-banks-citing-need-healthy-development-sector?utm_source=rss_feed Wed, 07 Aug 2024 00:00:09 +0000 WeLab, a Hong Kong-based fintech unicorn backed by billionaire Li Ka-shing, is exploring the idea of setting up digital banks across Southeast Asia and providing its technology services to conglomerates in Malaysia, Vietnam, Thailand and the Philippines. The expansion plan forms part of the target the company set last year to grow its users to 500 million by 2032, according to founder Simon Loong. “WeLab is actively exploring different opportunities in Southeast Asia markets by applying for new... https://www.scmp.com/business/banking-finance/article/3267272/hong-kongs-welab-eyes-southeast-asia-digital-banks-exporting-tech-services-new-growth-engines?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3267272/hong-kongs-welab-eyes-southeast-asia-digital-banks-exporting-tech-services-new-growth-engines?utm_source=rss_feed Thu, 20 Jun 2024 00:00:17 +0000 All eight of Hong Kong’s virtual banks are still making a loss, but six of them narrowed their net losses last year following growth in loans and an expansion in new businesses. These banks, which can only offer online banking services and started operations during the coronavirus pandemic in 2020, issued their 2022 results separately on Friday. ZA Bank led the group in terms of the number of customers and deposit size. It had 650,000 customers at the end of last year that represented 40 per... https://www.scmp.com/business/article/3218909/hong-kong-virtual-banks-likely-develop-big-players-even-they-report-losses-2022-loan-books-grow-and?utm_source=rss_feed https://www.scmp.com/business/article/3218909/hong-kong-virtual-banks-likely-develop-big-players-even-they-report-losses-2022-loan-books-grow-and?utm_source=rss_feed Sun, 30 Apr 2023 10:00:15 +0000 Mox Bank, a virtual lender backed by Standard Chartered, has the best mobile banking app in Hong Kong and Asia but lags behind its Western peers, according to a study carried out by a management consultancy firm. Livi Bank, a virtual bank co-owned by Bank of China (Hong Kong), ranks second in the city, while Hang Seng Bank, a traditional lender that has aggressively promoted digital banking in recent years, takes the third spot. HSBC Hong Kong, the biggest lender in the city, came fourth in the... https://www.scmp.com/business/banking-finance/article/3155073/mox-livi-hang-seng-bank-ranked-top-hong-kong-asia-their?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3155073/mox-livi-hang-seng-bank-ranked-top-hong-kong-asia-their?utm_source=rss_feed Sat, 06 Nov 2021 04:00:26 +0000 Romantic comedy drama About Time (2013), written and directed by Richard Curtis, and starring Domhnall Gleeson and Rachel McAdams, tells the story of Tim, a young man who discovers a family superpower of being able to travel back in time, but finds that meddling in the past creates more problems than it solves. Simon Loong, founder and group CEO of WeLab, the Hong Kong-based fintech company behind WeLab Bank and WeLend, tells Richard Lord how the film changed his life. I saw it for the first... https://www.scmp.com/magazines/post-magazine/short-reads/article/3149380/how-about-time-taught-stressed-fintech-company?utm_source=rss_feed https://www.scmp.com/magazines/post-magazine/short-reads/article/3149380/how-about-time-taught-stressed-fintech-company?utm_source=rss_feed Mon, 20 Sep 2021 12:15:13 +0000 The next big thing for Hong Kong’s virtual banks is an expansion into wealth management as part of the “next phase” of their development, according to a group of top executives from the city’s newest crop of lenders. Speaking on a panel discussion on Tuesday as part of the Post’s “Redefining Hong Kong” series, Rockson Hsu, chief executive of ZA Bank, said the newest entrants to the city’s crowded banking landscape are focusing on deposits, payments, loans and cards for now. The series was hosted... https://www.scmp.com/business/banking-finance/article/3104469/next-big-thing-hong-kongs-virtual-banks-wealth-management?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3104469/next-big-thing-hong-kongs-virtual-banks-wealth-management?utm_source=rss_feed Wed, 07 Oct 2020 03:30:12 +0000 Competition between traditional lenders and a new breed of branchless banks is heating up in Hong Kong as four new players join an overcrowded market in just two weeks. Ping An OneConnect Bank completed its three-month trial run and started operations on Tuesday, following Ant Bank (Hong Kong) on Monday and Mox Bank on September 22. Seven virtual banks have started operations this year. Tencent-backed Fusion Bank had a soft launch on Wednesday for 1,000 customers, a step closer to a... https://www.scmp.com/business/banking-finance/article/3103779/bloody-battle-under-way-between-hong-kongs-virtual-banks?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3103779/bloody-battle-under-way-between-hong-kongs-virtual-banks?utm_source=rss_feed Thu, 01 Oct 2020 07:00:15 +0000 Hong Kong’s newest virtual bank is seeking a slice of the city’s banking business by stirring up competition at a time when the Covid-19 outbreak is driving more consumers and businesses to online platforms. WeLab Bank opened for business today after a three-month trial by dangling a 4.5 per cent annual rate on deposits from as little as HK$10 (US$1.30), it said on its debut. The firm will also offer a juicy time-limited 8 per cent rebate on customer spending. The firm is the third of eight... https://www.scmp.com/business/banking-finance/article/3095344/welab-takes-its-virtual-banking-battle-hong-kongs-bricks?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3095344/welab-takes-its-virtual-banking-battle-hong-kongs-bricks?utm_source=rss_feed Thu, 30 Jul 2020 09:45:08 +0000 Hong Kong’s banks, from new digital lenders to traditional powerhouses of the sector, are in a price war to lure 7 million Hong Kong permanent residents into using their platform to get their HK$10,000 (US$1,290) government cash handout. Newly-launched virtual lenders like Airstar and the three note-issuing banks, HSBC, Standard Chartered, and Bank of China Hong Kong, have entered the fray, offering high interest rates, lucky draw prizes and other incentives. The HK$71 billion of payouts... https://www.scmp.com/business/companies/article/3088677/hsbc-standard-chartered-and-online-lenders-airstar-welab-race?utm_source=rss_feed https://www.scmp.com/business/companies/article/3088677/hsbc-standard-chartered-and-online-lenders-airstar-welab-race?utm_source=rss_feed Fri, 12 Jun 2020 00:30:13 +0000 The Hong Kong Monetary Authority is introducing a HK$10.8 million (US$1.4 million) pay subsidy plan to help encourage the city’s financial industry to place new entrants in the job market amid the city’s worst recession on record. The de facto central bank will pay half of the pay of fresh university graduates hired by the city’s 39 lenders and e-wallet operators, it said on Thursday. The subsidy will apply for six months for those hired from September, based on a monthly pay of HK$12,000, it... https://www.scmp.com/business/banking-finance/article/3087588/hkma-unveils-pay-subsidy-plan-class-2020-encourage-banking?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3087588/hkma-unveils-pay-subsidy-plan-class-2020-encourage-banking?utm_source=rss_feed Thu, 04 Jun 2020 11:00:12 +0000 Five of Hong Kong’s virtual banks have missed a target launch date as the coronavirus pandemic drags on preparations, giving breathing space to the city’s incumbent banks. Hong Kong Monetary Authority (HKMA) issued eight virtual bank licences between March and May last year and said that the digital banks would start offering services online within nine months. The de facto central bank wants to spur financial innovation in the city and catch up with more tech-savvy financial hubs in the US,... https://www.scmp.com/business/banking-finance/article/3078972/five-hong-kongs-virtual-banks-miss-target-launch-date?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3078972/five-hong-kongs-virtual-banks-miss-target-launch-date?utm_source=rss_feed Thu, 09 Apr 2020 03:30:11 +0000 Banks, insurers and an online lending platform in Hong Kong are seeing a surge in transactions as the city’s biggest health scare in almost two decades puts the Asian financial hub’s online financial channels on trial. Bank of China (Hong Kong) has seen “a significant increase” in customers accessing its mobile applications, while AIA Group is fielding more policy inquiries and claims submissions. Bank of East Asia said it recorded a double-digit increase in faster-payment transactions. The... https://www.scmp.com/business/banking-finance/article/3050810/coronavirus-puts-hong-kongs-online-financial-channels-test?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3050810/coronavirus-puts-hong-kongs-online-financial-channels-test?utm_source=rss_feed Sun, 16 Feb 2020 04:05:11 +0000 The imminent commencement of virtual banks in Hong Kong and Singapore have created more than 1,000 job opportunities for a new generation of bankers, requiring them to be innovative and tech savvy, according to recruitment experts. Competition for talent has sharpened since last year as both cities stepped up their race to spruce up their financial technology (fintech) and online banking offerings, said Jerry Chang, managing director of recruiting firm Barons & Company. “The new [virtual banks]... https://www.scmp.com/business/companies/article/3045251/pin-striped-suit-banking-so-19th-century-virtual-banks-hong-kong?utm_source=rss_feed https://www.scmp.com/business/companies/article/3045251/pin-striped-suit-banking-so-19th-century-virtual-banks-hong-kong?utm_source=rss_feed Thu, 09 Jan 2020 00:15:06 +0000 A unit of home-grown fintech unicorn WeLab Holdings has won the fourth virtual bank licence granted by the Hong Kong Monetary Authority on Wednesday, making it the first stand-alone company to receive the new licence. Simon Loong, the founder and chief executive of WeLab, said that the licence for WeLab Digital was a validation and recognition of “our innovative mindset and proven fintech capabilities”. The HKMA said it was still processing four more candidates who are among the final eight... https://www.scmp.com/business/banking-finance/article/3005601/fintech-unicorn-welab-bags-hong-kongs-fourth-virtual-bank?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3005601/fintech-unicorn-welab-bags-hong-kongs-fourth-virtual-bank?utm_source=rss_feed Wed, 10 Apr 2019 11:17:02 +0000 Former Hong Kong Secretary for Financial Services and the Treasury Chan Ka-keung has joined WeLab Virtual Bank, which has applied for a licence in the city, as chairman, he said on Tuesday. Chan joined WeLab, the virtual bank’s parent company, as a senior adviser in July, his first appointment since leaving the government in July 2017. WeLab, an online lender, serves more than 30 million customers in Hong Kong and mainland China. Hong Kong draws 29 applications for virtual bank licences The... https://www.scmp.com/business/banking-finance/article/2164769/ex-hong-kong-secretary-financial-services-and-treasury-chan?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/2164769/ex-hong-kong-secretary-financial-services-and-treasury-chan?utm_source=rss_feed Tue, 18 Sep 2018 22:01:19 +0000 WeLab, Hong Kong’s home-grown fintech unicorn, is poised to be among the first batch of companies to apply for a virtual banking license from the Hong Kong Monetary Authority, according to its co-founders. “We have been working closely with the HKMA over the consultation of the virtual banking regulation over the past few months. We would like to be among the first to file a formal application for a virtual banking license which I believe would be an important step forward for the development of... https://www.scmp.com/business/banking-finance/article/2144899/welab-joins-fintech-race-become-hong-kongs-first-licensed?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/2144899/welab-joins-fintech-race-become-hong-kongs-first-licensed?utm_source=rss_feed Mon, 07 May 2018 01:04:02 +0000 Hong Kong-based fintech company WeLab said on Wednesday it has raised US$220 million to help advance its credit evaluation technology and to expand beyond Greater China. The company said in a statement that the funds were raised in a combination of series B+ equity as well as debt financing, with backing from the Alibaba Hong Kong Entrepreneurs Fund, International Finance Corporation (IFC) and other global banks. The new funding takes WeLab’s total amount raised to US$425 million. Last year, it... https://www.scmp.com/tech/start-ups/article/2118976/hong-kong-fintech-firm-welab-raises-us220m-funding-round?utm_source=rss_feed https://www.scmp.com/tech/start-ups/article/2118976/hong-kong-fintech-firm-welab-raises-us220m-funding-round?utm_source=rss_feed Wed, 08 Nov 2017 09:42:43 +0000 Hong Kong internet finance startup WeLab, which has recently raised 1 billion yuan (HK$1.19 billion) in its series B financing, is tapping into China’s rural communities, providing micro loans to individuals who traditionally have had limited access to credit. The investors in this round of fundraising include Dutch financial institution ING, Guangdong provincial government-backed Technology Group and Malaysian sovereign wealth fund Khazanah Nasional, WeLab founder and CEO Simon Loong announced... https://www.scmp.com/business/article/1903490/welab-raises-1-bn-yuan-push-expand-micro-lending-chinas-rural-communities?utm_source=rss_feed https://www.scmp.com/business/article/1903490/welab-raises-1-bn-yuan-push-expand-micro-lending-chinas-rural-communities?utm_source=rss_feed Wed, 20 Jan 2016 11:53:57 +0000