WeLab Digital gets virtual bank license

Business | 10 Apr 2019 7:21 pm

WeLab Digital acquired the fourth virtual bank license from the government.

It became the only local winner among the five licensed virtual banks.

According to its business plan, WeLab Digital intends to launch its services within six to nine months, the Hong Kong Monetary Authority said.

“The HKMA is making good progress in the processing of the remaining four shortlisted virtual bank applications," HKMA said.

WeLab operates Wolaidai, a mobile lending platform in China, WeLend, Hong Kong’s online lending platform, and AWDA, a fintech joint venture in Indonesia.

WeLab's shareholders include CK Hutchison's Tom Group (2383), Malaysia's Khazanah Nasional Berhad, ING Bank, China Construction Bank (International), World Bank's International Finance Corp, Sequoia Capital, and the Alibaba Entrepreneurs Fund, etc.




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