WeLab Bank recently confirmed the public launch of its digital banking services. It’s notably the only stand-alone firm to acquire a virtual bank license from the Hong Kong Monetary Authority (HKMA), the city-state’s de facto central bank that’s also responsible for promoting the efficiency, integrity… Read More
Chinese fintech WeLab announced on Thursday it secured $156 million through its Series C funding round. According to WeLab, the investment attracted new investors, as well as five existing investors including Alibaba Hong Kong Entrepreneurs Fund and China Construction Bank. Founded in 2013, WeLab claims… Read More
The Hong Kong Monetary Authority (HKMA) has issued four more virtual banking licenses. The newly minted digital banks include: Ant SME Services (Hong Kong) Limited, Infinium Limited, Insight Fintech HK Limited, and Ping An OneConnect Company Limited. HKMA said that the four newly licensed virtual… Read More
China Implements First National Standard for Insurance Sector On April 11th, China has implemented its first national standard for the insurance industry. The national standard incorporates 817 entries of professional terms, serving as a fundamental standard for various terms in the insurance sector, according to… Read More
Welab Digital Limited (WDL) has been approved by the Hong Kong Monetary Authority (HKMA) to receive a virtual banking license. This is the 4th license for a virtual bank which is now approved to operate in Hong Kong since a consultation on digital banking took… Read More
China Launches a 100-billion-yuan technology investment fund: Chinese Version of the Vision Fund? On July 2, China Merchants Group, Beijing Asset Management Corporation SPF Group and London’s Centricus Corporation announced to launch a 100-billion-yuan investment fund – “China New Era Technology Fund.” The fund aims… Read More
China Financial Stability Committee established in Beijing On November 8th, the China Financial Stability Committee was officially launched. This is a subordinated department under the State Council, of which Vice Premier Ma Kai will serves as the head. To be specific, the committee will be… Read More
One of the fastest growing Fintech’s in China has raised USD $220 million. WeLab, a Hong Kong-based mobile lending platform founded in 2013, has closed funding round of $220 million including both strategic debt and equity funding with the backing of Alibaba Hong Kong Entrepreneurs Fund,… Read More
Hong Kong-based fintech startup WeLab has revealed it is set to launch in Southeast Asia within the next year. According to Dealstreet Asia, the mobile lending platform is currently looking into strategic partnerships in the region and is expected to roll out products by 2018’s first… Read More
WeLab, a Hong Kong-based fintech company, announced last week it has secured a credit facility of $25 million from ING Bank as part of its expansion and enable the company to meet rapidly growing demand for its loans in Hong Kong. Sharing details about the credit facility, WeLab… Read More
Fresh from its October 2015 investment in US marketplace lender Kabbage, Dutch bank ING has taken a stake in WeLab, a non-bank provider of consumer loans in China and Hong Kong. ING participated in a Series B $160 million (RMB1 billion) fundraising in the three-year old… Read More
Hong Kong’s first peer to peer lending platform WeLend has now closed a Series A funding round topping off at $20 million. The funding round was originally started in June when WeLab raised $14 million. The additional $6 million was just added as new investors… Read More
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