Hong Kong fintech unicorn WeLab targets eight-fold growth in customers, tapping digital banking demand in Southeast Asia
Co-founded by Loong in 2013, WeLab is a home-grown unicorn backed by billionaire Li Ka-shing and othersWeLab plans to introduce digital banking in Indonesia via BJJ, which is now a traditional bank without big digital capabilitiesBanking & financeEnoch YiuPublished: 8:00am, 28 Sep, 2023Why you can trust SCMP
WeLab, a Hong Kong-based fintech unicorn backed by billionaire Li Ka-shing, wants to grow its users eight-fold in the next 10 years to 500 million by expanding further in mainland China and Southeast Asia, according to its founder.
“We believe in adopting technology and partnerships, and we can provide banking and wealth management services to a much higher number of people across Southeast Asia and mainland China over the next decade,” said Simon Loong, founder and group CEO of WeLab, in a media briefing on Wednesday.
Co-founded by Loong in 2013, WeLab is a home-grown unicorn that has expanded rapidly in the city and on the mainland. The company has attracted early investment from the likes of tycoon Li Ka-shing’s Tom Group, ING Bank, Sequoia Capital, Alibaba Hong Kong Entrepreneurs Fund and Allianz Group’s digital investment unit.
Providing online lending and virtual banking services in Hong Kong and making loans on the mainland through partners, WeLab now serves 60 million individual customers and 700 corporate clients, and has made total loans amounting to HK$100 billion (US12.74 billion).
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Loong has now set a target to boost users from 60 million to 500 million in Asia-Pacific by 2032, with a focus on the populous Southeast Asia and mainland China markets.