Digital Bank WeLab Gaining Traction in Hong Kong

WeLab is one of eight virtual banks that have received banking licenses from the Hong Kong Monetary Authority this year; WeLab has raised $220 million in venture capital from A-list backers including Alibaba, China Construction Bank, ING, Credit Suisse and others; they launched their online lending platform, called Wolaidai, in 2013 in Hong Kong and a year later in China where it is called WeLend; today, they have 36 million customers, making them the second largest online lender in China after Ping-An; the company has been profitable since 2017 and had planned and IPO in late 2018 but they decided against going through with it. Source.

Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech.

LendIt Fintech conducts three conferences a year for the leading fintech markets of the USA, Europe, and Latin America. LendIt also provides cutting-edge content all year long via audio, video, and written channels.

Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series.

Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.

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