welab

Hong Kong fintech group WeLab announced the completion of a $220 million (approximately over HKD 1.7 billion) Series D strategic financing, led by HSBC, with participation from Prudential Hong Kong, Fubon Bank (Hong Kong), Hong Kong Investment Company (HKIC), TOM Group, and Allianz Group.WeLab is one of the eight digital banks in Hong Kong and a founding member of the Hong Kong Web3 Association. In 2023, it received $260 million in asset financing from Citibank.

ChainCatcher news, Hong Kong virtual bank WeLab announced a consortium with Thai fintech company Lighthub Asset and has submitted an application for a digital banking license to the Bank of Thailand, with the results expected to be announced in the first half of 2025.It is reported that Lightnet Group has obtained licenses from the Bank of Thailand as well as four other central banks in Asia and Europe. It utilizes artificial intelligence and blockchain technology to provide global payment solutions in 150 countries, including cross-border remittances, e-wallets, and multi-currency digital bank accounts. The company has also received strategic investments from UOB Venture Management, Seven Bank, Hanwha Investment & Securities, Uni-President, and Raffles Family Office.WeLab founder and Group CEO, Ronny Tong, expressed his anticipation of the opportunity to establish the third digital bank in Asia and to make it the leading digital bank in Thailand.

ChainCatcher news, WeLab founder and Group CEO Ronny Tong stated that the corporate restructuring has been completed, and WeLend is now a wholly-owned subsidiary of WeLab Bank, planning to expand its business in Hong Kong to the next growth stage.WeLab Bank CEO Li Ka Tat stated that they are accelerating business planning and enhancing profitability, currently serving over 650,000 users, and expect to generate an additional HKD 800 million in net profit over the next five years, with hopes of achieving profitability by 2025.

ChainCatcher news, citing sources from Bloomberg, reports that a Hong Kong virtual bank has secured $260 million in asset financing from Citigroup in partnership with the online lending platform WeLab.According to sources, Citigroup is the sole senior underwriter for the transaction, but requested anonymity due to the private nature of the deal. Currently, Citigroup's representative in Hong Kong and WeLab have both declined to comment. The financing was first reported last November, when it was said that WeLab's valuation could be around $2 billion.It is reported that WeLab has established a presence at Hong Kong Cyberport and is also a founding member of the Hong Kong Web3.0 Association.