From online loans to digital banking, WeLab has promoted innovation and financial inclusion in Asia for a decade.
WeLab, a pan-Asian fintech platform, is commemorating its tenth anniversary this year and reflecting on how, since its founding, it has supported the development of fintech in Hong Kong and throughout Asia by embracing the creation of cutting-edge innovations and encouraging financial inclusion.
WeLab is enthusiastic about the positive developments and potential influence that the fintech industry holds as it continues to grow.
In early 2013, WeLab established WeLend, Hong Kong’s first online lending platform, to digitalize financial services. Adding business categories, diversifying into digital banking and B2B transactions, and expanding into Mainland China, Indonesia, and Malaysia followed.
WeLab has disbursed over HKD 100 billion in loans to over 700 enterprise clients and 60 million users and is expanding faster than before the outbreak. WeLab’s goal for the next decade is to serve 500 million Asia Pacific customers, along with the widespread usage of fintech and the growth of the regional fintech ecosystem.
“The Asian financial market has undergone a phenomenal digital transformation in the fast-paced journey of the past decade,” said Simon Loong, founder and group CEO of WeLab. As a leader in the fintech industry in Hong Kong, we were thrilled to contribute to this change.
“We have dedicated ourselves to using technology to reimagine the financial services experience since our founding. WeLab’s remarkable achievements are a result of our team’s hard work and the HKSAR government’s support for the development of the local fintech ecosystem. However, our goals are far higher.
As fintech develops and traditional financial services fail to meet Asian market needs, we predict a move from B2B to B2B2X (Business to Business to Any User), seamlessly integrating financial services into various products and services for a comprehensive experience. WeLab is well-positioned to capitalize on Asia’s future exponential expansion.
Highlights and goals for the future
WeLab stated that it is pleased with the influence it has had on the financial services sector in the area. It did this by running WeLab Bank, which was recognized as the most inventive business in Hong Kong and was among the first regulated digital banks in Asia.
In addition, the fintech platform introduced digital wealth advice services, which have yielded investment returns of up to 14% since their inception, making it Asia’s first bank focused only on digital banking.
Other accomplishments include being chosen as the exclusive financial services provider in Asia for Apple’s subscription program, dominating the Tesla electric vehicle loan market in Hong Kong (with a market share exceeding 80%), and being the first company in Hong Kong to purchase Bank Jasa Jakarta (BJJ), an Indonesian bank.
In Indonesia, BJJ’s digital banking service is scheduled to begin soon. WeLab and HSBC have also inked a Memorandum of Understanding (MoU) to investigate providing exceptional client journeys and cutting-edge product offerings throughout Southeast Asia. Plans are in place for Malaysia to be the first region to be introduced.
With an eye toward the future, WeLab intends to further develop its financial services throughout Asia. The fintech platform is optimistic about the possibilities in the area and thinks that synergies may be developed to increase reach and scale through cross-industry and cross-market collaborations.
