Financial markets are buzzing after WeLab completed a $220 million Series D financing.
Global banking giant HSBC joined an impressive roster of investors that includes Prudential Hong Kong, Fubon Bank, and Hong Kong Investment Corporation.
The backdrop makes this deal even more compelling. Just two months ago, Hong Kong secured the world’s top fintech ranking for the first time—a dramatic leap from seventh place back in 2017. This mixed debt and equity round positions WeLab to capitalize on Asia’s digital banking sector.
Asian ambitions
The capital will be used for WeLab expansion in Southeast Asia.
Bank Saqu, their Indonesian digital bank, attracted over two million customers in just one year—which demonstrates massive regional appetite for digital financial services.
Beyond geographic expansion, the funding will power M&A opportunities and advanced technology development. With Thailand targeted as the location for its third digital banking license.
AI plans
The funding specifically supports WeLab’s recently announced AI aims and partnership with Google, signaling a fundamental shift toward AI-first banking services.
WeLab plans to develop advanced AI agents, hyper-personalization capabilities, and modernized marketing approaches.
This technology focus extends to workforce development. WeLab has committed to upskilling 100% of its staff through AI-driven financial skills training programs by the end of this year.
What this means for Asian finance’s future
The investor lineup reveals just how significant this deal really is. Hong Kong Investment Corporation’s participation marks their first publicly known investment in a consumer finance company, a development reported nine months ago.
This government fund, which manages HK$62 billion and has invested in over 100 projects, reveals that every Hong Kong dollar invested attracts over HK$4 from additional long-term capital.
The regulatory environment adds another layer of significance. Hong Kong authorities ruled out issuing new digital banking licenses as of August 2024, making existing players like WeLab increasingly valuable.
Since March 2019, only eight digital banking licenses have been granted, creating a scarce asset that this funding helps maximize.
WeLab’s multi-market presence across Hong Kong, Indonesia, and mainland China under brands including WeLend, WeLab Bank, and BankSaqu positions the company well in Asia.
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