Digital Bank WeLab Gaining Traction in Hong Kong

WeLab is one of eight virtual banks that have received banking licenses from the Hong Kong Monetary Authority this year; WeLab has raised $220 million in venture capital from A-list backers including Alibaba, China Construction Bank, ING, Credit Suisse and others; they launched their online lending platform, called Wolaidai, in 2013 in Hong Kong and a year later in China where it is called WeLend; today, they have 36 million customers, making them the second largest online lender in China after Ping-An; the company has been profitable since 2017 and had planned and IPO in late 2018 but they decided against going through with it. Source.

  • Peter Renton

    Peter Renton is the chairman and co-founder of Fintech Nexus, the world’s largest digital media company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series.