Hong Kong – WeLab is announcing the retirement of Dr. William Leung, Chief Executive and Executive Director of WeLab Bank as of December 31, 2019.William has been with WeLab since 2018 where he has brought leadership and been instrumental in laying the groundwork in building the bank from zero, to have already reached several significant milestones to date. He has provided guidance and shared deep industry knowledge in setting a robust foundation for the establishment of WeLab Bank. Upon retirement William will continue to devote his time to public service and further contribute to the Hong Kong community.The company is pleased to announce that Adrian Tse, currently Deputy Chief Executive and Executive Director of WeLab Bank, will be named as Chief Executive, effective January 1, 2020. Adrian has close to 30 years of experience in the banking and finance industry. Prior to joining WeLab Bank, Adrian was the Chief Financial Officer (CFO) and Executive Director at Standard Chartered in Taiwan. Adrian has previously held a number of other senior roles regionally, including Chief Executive Officer at Prudential Vietnam Fund Management Company in Vietnam and Regional Head of Finance &amp; Hong Kong CFO at Standard Chartered Retail Banking Division.For media enquiries:WeLab PREmail: wemedia@welab.bank

WeLab Bank’s Chief Executive Dr. William Leung to retire, to be succeeded by Adrian Tse

Asia-Pacific High-Growth Companies Ranked #2

Top 200 Global Fintech Companies – Neobanking

Best Frictionless Credit Evaluation

Virtual Bank of the Year – Hong Kong

Best Digital Solutions in Hong Kong (Notable)

#1 of Growth Champions of the Greater Bay Area

Fintech 100Ranked #35 globally and #6 in Greater China

Deloitte Technology Fast 20 Hong Kong Ranked #1

Asia-Pacific Institute of Business (APIB) of CUHK Business School - Hong Kong Corporate Innovation Index 2022Ranked #1

Investor of the year on Digital Transformation -Indonesia

Please write to us at <a href="mailto:pr@welab.co">pr@welab.co</a> if you have any media enquiries. We’ll get back to you as soon as possible.

<ul><li>The consortium has applied for a virtual banking license in Thailand, aiming to enhance financial accessibility for underserved retail and MSMEs segments, leveraging deep local ecosystem reach of 46 million Thai customers</li><li>Proven track record – successful virtual bank operator in Hong Kong and Indonesia. Collectively holding over 20 financial service licenses across 5 Asian markets including Thailand</li><li>Technology driven - with ambition to build Thailand’s leading AI-powered intelligent Virtual Bank</li></ul><img class="center" src="/media/images/LightnetandWeLabAnnouncementKVEn.2e16d0ba.fill-8581x3904.png" alt="LightnetandWeLabAnnouncementKVEnglish.png" />Bangkok – 19 September 2024 – Lighthub Asset, a Thai fintech powerhouse, and WeLab, a leading pan-Asian fintech platform, today announced that they have submitted an application for a Virtual Banking licence with the Bank of Thailand (BOT). It is expected that the application result will be announced within the first half of 2025.[1]The consortium aims to empower Thailand’s financial future by revolutionizing banking services, delivering an AI-powered intelligent experience. Their combined expertise, proven track record, and ready-to-launch services are set to bring fresh solutions to the Thai banking sector.Consortium strengths – technology driven mindset with 46 million ecosystem reachLighthub Asset is a Thai fintech powerhouse co-founded by Mr. Chatchaval Jiaravanon and Lightnet Group. With a reach of 46 million Thai customers, it has a wide-ranging ecosystem reach to various sectors, including agriculture, F&amp;B and e-commerce, touching every aspect of daily life. Lighthub Asset, in collaboration with strategic partners, supports this extensive influence with a robust local network of 150,000 service channels.<ul><li>Mr. Chatchaval Jiaravanon is a prominent business leader and co-founder of AEON Thana Sinsap and Finansia Syrus. He has a distinguished track record with over 30 years of experience in the Thai financial sector and internationally, such as being the principal owner of global media brand Fortune Magazine.</li><li>Lightnet Group is a Thai-homegrown global fintech leader dedicated to developing next-generation financial technology to enhance access, mobility, and efficiency for everyone. Licensed by the Bank of Thailand and four other central banks in Asia and Europe, it processes over USD 10 billion in annual fund volume. Lightnet offers global payment solutions, including cross-border money transfers, digital wallets, and multi-currency virtual bank accounts across 150 countries, leveraging advanced AI and blockchain technologies. The company is backed by notable strategic investors like UOB Venture Management, Seven Bank, Hanwha Investment &amp; Securities, Uni-President, and Raffles Family Office.</li></ul>WeLab, a leading pan-Asian fintech platform, has over 65 million users in Asia, disbursing more than USD 15 billion of digital loans to date. It offers a comprehensive suite of digital financial services, including consumer financing, enterprise technology solutions, and digital banking – encompassing savings, payments, loans, and wealth management. With its successful virtual banks in Hong Kong (WeLab Bank) and Indonesia (Bank Saqu), WeLab is widely recognized as Hong Kong’s most innovative company and won the Virtual Bank of the year. WeLab is backed by esteemed global investors such as CK Hutchison’s TOM Group, Allianz, the World Bank’s IFC, and Malaysian sovereign wealth fund Khazanah Nasional Berhad, amongst others.Bridging the Gap: From Financial Access to Financial IndependenceThe consortium is dedicated to improving financial inclusion in Thailand by providing localized digital banking services to everyone, especially the underserved, with features tailored to solopreneurs and Micro, Small &amp; Medium Enterprises (MSMEs) facing unstable income and limited financial access. Most of the consortiums existing 46 million customer reach, fall within these underserved categories.The consortium adopts two key strategies:<ul><li>Access-Growth-Independence as a key value proposition: The consortium aims to provide underserved segments with immediate access to intuitive financial products, starting with access to credit and advanced-AI planning tools. Over time, the focus shifts to helping individuals and MSMEs sustainably grow their wealth with tailored solutions, aiming for long-term financial independence and stability.</li><li>Technology and collaborative mindset to drive innovation: The consortium will utilize their fintech expertise and experiences, including AI, big data analytics, edge computing and credit risk technologies, to build the virtual bank. Linking up a strong end-to-end financial supply chain, the technology makes it more affordable to carry out transactions, easy to integrate and interoperable with many financial networks and banking infrastructure.</li></ul>M.R. Chatu Mongol Sonakul, Advisor of the Consortium and Former Governor, Bank of Thailand said, “I welcome BOT&#x27;s initiative to invite new market entrants to foster greater innovation and competition in the financial sector. I am confident that the consortium’s new virtual bank will bring fresh ideas and innovative solutions, to advance financial inclusion for underserved communities and instill diversity to Thailand&#x27;s financial landscape.”Mr. Hirankrit (Tridbodi) Arunanondchai, Director of Lighthub Asset, and Co-founder &amp; Group CEO of Lightnet Group said, “We appreciate BOT’s direction in association with the Virtual Banking, marking an important milestone for Thai Financial Industry. Our consortium aims to introduce a &quot;Smart &amp; Open Virtual Bank&quot; in Thailand, leveraging international expertise in AI, data analytics, digital platforms, and innovative credit scoring to tailor financial products for unserved and underserved retail and MSME segments, fostering financial inclusion and sustainable economic growth.”Simon Loong, Founder and Group CEO of WeLab, said, “We look forward to the opportunity to build our third virtual bank in Asia and make this Thailand’s leading virtual bank. Committed to open competition and interoperability, we’re truly ecosystem agnostic, with a strong track record of working with global leading brands like Apple, Tesla, Allianz and CK Hutchison. We are passionate about seamlessly integrating tech and banking into daily life, and contribute to the Thai economy.”--END--Media ContactsWeLab Group Communications Team Email: pr@welab.coAbout Lighthub AssetLighthub Asset is a Thai fintech powerhouse co-founded by Mr. Chatchaval Jiaravanon and Lightnet Group. Lighthub Asset has an extensive ecosystem of 46 million local customers across both urban and rural areas in Thailand. Lighthub Asset focuses on serving unserved and underserved retail and MSME sectors, through over 150,000 local service channels.Co-founded by Mr. Chatchaval Jiaravanon and Lightnet Group, Lighthub Asset combines local expertise with global experience. Mr. Jiaravanon, known for his roles in AEON Thana Sinsap and Finansia Syrus, brings over 30 years of experience in the financial sector, including international ventures like acquiring Fortune Magazine.Lightnet Group, a global fintech leader from Thailand, is committed to advancing technology that enhances accessibility and efficiency, aiming to establish Thailand as a future hub for financial innovation. Licensed by the Bank of Thailand and four other central banks in Asia and Europe, Lightnet Group processes over USD 10 billion annually and offers a wide range of payment solutions in over 150 countries. The company is backed by notable strategic investors, including UOB Venture Management, Seven Bank, Hanwha Investment &amp; Securities, Uni-President, Raffles Family Office.For more information, visit <a href="https://lightnet.io/">lightnet.io</a> or follow us on <a href="https://www.linkedin.com/company/lightnetgroup/">LinkedIn</a>.About WeLabWeLab, a leading pan-Asian fintech platform, operates two digital banks as well as multiple online financial services with leading positions in Hong Kong, Mainland China, and Indonesia, with more than 65 million individual users and over 700 enterprise customers. WeLab uses game-changing technology to help customers access credit, save money, and enjoy their financial journey.Powered by proprietary risk management technology, patented privacy computing techniques, and advanced AI capabilities, WeLab offers mobile-based consumer financing solutions and digital banking services to retail individuals and technology solutions to enterprise customers.WeLab operates in three markets under several key brands, including WeLend, and WeLab Bank in Hong Kong, various business lines in Mainland China, Maucash and Bank Saqu by Bank Jasa Jakarta in Indonesia.WeLab is backed by the most renowned investors including Allianz, China Construction Bank International, International Finance Corporation (a member of the World Bank Group), Malaysian sovereign wealth fund Khazanah Nasional Berhad, CK Hutchison’s TOM Group, and Sequoia Capital.To learn more, please visit: <a href="http://www.welab.co/">www.welab.co</a>, or follow WeLab on <a href="https://www.linkedin.com/company/welab-limited/">LinkedIn</a> and <a href="https://www.facebook.com/WeLabFinance">Facebook</a>.[1] BOT Press Release: <a href="https://www.bot.or.th/en/news-and-media/news/news-20240305.html">https://www.bot.or.th/en/news-and-media/news/news-20240305.html</a>

Empowering financial freedom through technological innovation

Fintech leaders Lightnet and WeLab partner to build Thailand's leading virtual bank

Press releases

<ul><li>WeLab accelerates growth in APAC to achieve its ambitious goal of serving 500 million users by 2032.</li><li>Indonesia’s digital bank, Bank Saqu, continues to be a key focus, highlighted by strong initial momentum - attracting over 1 million customers within 6 months of launch</li><li>The Group is actively exploring and evaluating new market segments/ pillars in Southeast Asia</li><li>The completion of Hong Kong reorganization consolidates position as a leading player with 650,000 users. Targets to generate operational and financial synergies of USD 100m in net profit over the next five years, enabling WeLab Bank to become one of the first profitable digital banks in Asia.</li></ul>WeLab (“the Group”), a leading pan-Asian fintech platform, announced today strategic actions in Southeast Asia markets and Hong Kong to propel growth, scale and profitability. These strategic initiatives are fortifying a robust foundation to support WeLab’s accelerated growth.Strong Head Start in Indonesia’s digital banking businessWeLab’s overseas expansion strategy is on the fast track as its Hong Kong-developed fintech solution are exported, localized and well received in Southeast Asia. The Group has seen remarkable early traction with Bank Saqu in Indonesia. This second digital bank of WeLab has achieved 1 million customers within six months of its launch in November 2023. With more localized and innovative banking products in the pipeline, WeLab is confident that Bank Saqu will become a key driving force in the Group’s Southeast Asia strategy.Bank Saqu has been meticulously built around the needs of local individuals and solopreneurs, a rapidly growing segment in Indonesia. Over 60% of Bank Saqu’s customers are solopreneurs, drawn to the bank by its multiple innovative features. The signature “pockets” (“Saku” in Bahasa) feature, designed for customers to separate their finances for different purposes, has seen remarkable adoption with about 40% of active customers created their own additional pockets in their accounts to manage their finances.The enthusiastic market reception of Bank Saqu’s products proves the Bank is well-positioned to effectively solve the pain points of solopreneurs, indicating a promising trajectory for future growth. With localized, innovative financial services, Bank Saqu is poised to serve over 200 million underbanked and unbanked Indonesians, aiming to become the preferred partner for MSMEs (Micro, Small &amp; Medium Enterprises).Southeast Asia to be the next Growth Engine Beyond Indonesia, WeLab is actively exploring and evaluating new opportunities across Southeast Asia. The Group is strategizing several exciting expansion plans for exponential growth in the coming five years. In additional to the collaboration with HSBC to explore delivering world-class customer journeys and innovative product offerings in Southeast Asia, WeLab is concurrently in discussion with multiple conglomerates in markets such as Malaysia, Vietnam, the Philippines and Thailand, to deliver its tech-driven financial services across diverse business models such as B2C, B2B, and B2B2X. Moreover, the expansion of TaaS (Technology-as-a-Service) operations will increase impact and reach, also creates new revenue streams for WeLab Group.Simon Loong, Founder and Group CEO of WeLab, commented, “WeLab’s journey has always been about leveraging technology to push the boundaries of what’s possible in financial services digitally. We are highly encouraged by the solid traction seen in Indonesia - reaching 100 million Indonesian digital banking customers in a record time. We are confident in driving growth momentum in Indonesia and beyond by continuously delivering our innovative, Hong Kong-developed fintech solutions to users across Asia. The combined Hong Kong and Indonesia digital banks will have more than 1.7 million users, making us one of the largest digital bank operators in Asia. With about 700 million people of Southeast Asia having high demand for digital financial services in sight, we firmly believe the future of digital banking is bright, and we are well-positioned to capture the opportunities.”Enhanced Synergy through Optimized Corporate Structure in Hong KongWhilst the overseas expansion plans are making significant strides, WeLab also has a plan to take its Hong Kong businesses to the next phase of growth. In the Hong Kong market, the Group’s purely online lending platform, WeLend, has been leading the digital lending sector for years. Since the launch of WeLab Bank in 2020, the Group’s loan portfolio has demonstrated impressive growth momentum as the two entities have further grown the portfolio by nearly 300%, solidifying WeLab’s leading position in Hong Kong.As part of the broader growth strategy, WeLab has completed a corporate reorganization whereby WeLend is now a wholly-owned subsidiary of WeLab Bank. This strategic move aims to elevate operational synergy and efficiency between the two entities, leveraging their established market positions to unlock new growth opportunities. Post-reorganization, WeLab Bank and WeLend will continue to offer their distinctive products and services under their respective brands.The corporate reorganization has been completed in early June without any redundancies. It also demonstrates WeLab’s another uniqueness – being the first and only fintech group in Hong Kong capable of integrating its digital lending platform into its digital banking arm.Tat Lee, Chief Executive of WeLab Bank, added, “WeLab Bank has been on the fast track to upscale its business operations and pursue profitability. Benefiting from the reorganization, WeLab Bank now serves over 650,000 users in total. We expect to generate an additional net profit of USD 100 million over the next five years. The scale of WeLab Bank’s lending operations has become one of the largest among digital banks in Asia. With the accelerated momentum, the Bank is poised to be profitable in 2025 and become one of the first profitable digital banks in Asia.”Riding on the even stronger momentum after the reorganization, WeLab’s Hong Kong businesses will continue to exhibit robust growth and support WeLab’s development of tech-driven financial services, delivering innovative solutions through the Group’s regional expansion.With the overseas expansion plans in the pipeline and optimized organization structure, WeLab has built a robust foundation for unprecedented growth and innovation. With a bold vision and relentless drive, WeLab will continue to lead the digital finance transformation and setting the stage to redefine the future of finance in the dynamic Asia-Pacific region.- END -Media contacts: WeLabGroup Communications TeamEmail: pr@welab.co__

WeLab Announces Strategic Actions to Propel Growth, Scale and Profitability

<ul><li>Astra Financial and WeLab, as shareholders, support PT Bank Jasa Jakarta in launching Bank Saqu to drive the growth and innovation in financial technology through digital banking services.</li><li>Bank Saqu emerges as a digital banking service that is designed to meet the needs of local individuals and SMEs with a solopreneur spirit.</li><li>According to a recent study &quot;Solopreneur Study: Potential New Strengths of the Indonesian Economy&quot;, 1 in 3 Indonesians will become a solopreneur by 2030.</li><li>Bank Saqu provides an intuitive and versatile tool to help customers manage their money at ease. They can create up to 20 customized pockets for their side-hustles income and expenses.</li></ul>Jakarta / Hong Kong – November 20, 2023 – PT Bank Jasa Jakarta (BJJ), owned by Astra Financial and WeLab since 2022, today launched Bank Saqu, a digital banking service, as a financial partner for individuals and SMEs in Indonesia with a solopreneur spirit.At the launch ceremony of Bank Saqu, it was attended by Prijono Sugiarto, President Commissioner of PT Astra International Tbk. (Astra); Djony Bunarto Tjondro, President Director of Astra; Suparno Djasmin, Director of Astra; Simon Loong, Founder &amp; Group CEO of WeLab; Ernest Leung, Group COO of WeLab; Leo Koesmanto, President Director of Bank Jasa Jakarta, as well as the Directors and Executives of Bank Jasa Jakarta, Astra and WeLab.<img class="center" src="/media/images/WeLab_2nd_Digital_Bank_Bank_Saqu.2e16d0ba.fill-1661x1076.png" alt="WeLab 2nd Digital Bank - Bank Saqu Launched" />Suparno Djasmin, Director of Astra and Director-in-Charge of Astra Financial said, “The presence of Bank Saqu is a manifestation of our aspirations to provide prime and leading financial services for the retail segment and SME and the welfare of society. This has complemented and strengthened the Astra Group&#x27;s financial services ecosystem, as well as supporting efforts to increase financial literacy and inclusion in Indonesia.”Suparno Djasmin explained that each new business within the Astra Group expected to contribute optimally to all stakeholders. In addition, every step of the business unit is always directed in accordance with Astra&#x27;s aspirations, namely, prosperity together with the nation. In the scope of Astra Financial such as Bank Saqu, Astra wants its presence to become a financial partner for the welfare of the Indonesian society.Meanwhile, Simon Loong, Founder and Group CEO of WeLab said, “We are excited to see the launch of Bank Saqu, WeLab’s second digital bank in Asia, which aligns with the strategic focus on expanding our presence and delivering tech-driven financial services, having started in Hong Kong, and now Indonesia.”“We have greatly accelerated the delivery of this new digital bank system, from 18-24 months for most market players, to a record time of 6 months riding on our proven digital banking technology and knowhow behind our first licensed digital bank in Hong Kong. Together with Astra, we look forward to leveraging our complementary strengths to propel the growth of Bank Saqu and contribute to the Indonesian banking industry digitalization,” Simon Loong added.Bank Saqu Targets the Solopreneur SegmentThe launch of Bank Saqu is in line with the vision of BJJ to become a preferred Retail and SME Bank, built on strong ecosystems and integrated financial functions, driving Indonesia&#x27;s digital economy forward. The name Bank Saqu itself phonetically sounds like &#x27;Bangsa-ku&#x27;, meaning ‘my nation’ and reflecting the aspiration to be the financial service of choice for the Indonesian people, and also &#x27;Saku,&#x27; meaning ‘pockets’ and relating to one of the flagship features of the saving pocket.Bank Saqu targets the younger generation, especially solopreneurs in Indonesia, encompassing small business owners, freelancers, and even full-time employees juggling side hustles. This segment proactively seeks ways to grow, save more, invest more, or even borrow for productive efforts, to achieve more in the future.According to the study “Solopreneur: Indonesia’s New Economic Force — An Untapped Opportunity” conducted by Segarra Research Institute in 2023, it is estimated there will be around 117 million of solopreneurs by 2030, whereby 1 out of 3 Indonesians will engage in solopreneurship, contributing to 36% to future GDP. However, they often face challenges like inconsistent income and complicated financial management.First-in-Indonesia Savings Product that Harnesses the Power of CommunityIn the same occasion, Leo Koesmanto, President Director of Bank Jasa Jakarta, said &quot;Our services are created to redefine how solopreneur should manage their money, both in personal and business. With multiple distinct pockets (Saku) within a single banking app, solopreneurs can strategically manage their finances, allocate resources, and witness their businesses flourish.”Leo added that with local market insights and the extensive ecosystem coverage of Astra, both offline and online, along with the technological expertise brought by WeLab, Bank Saqu will have various unique advantages in the digital financial services landscape in Indonesia.As the financial partner for the solopreneurs, Bank Saqu&#x27;s goal goes beyond offering customized products to customers; it also focuses on financial education and providing a seamless experience to empower solopreneur-spirited individuals on their financial journey.Some of Bank Saqu main features are:<ul><li>Saku (pocket): An intuitive and versatile tool to help manage your money at ease. Create up to 20 customized pockets for your side-hustles income and expenses, day-to-day spending, savings, and financial goals.</li><li>Busposito (social savings product): First-in-Indonesia savings product that harnesses the power of community. Customers can drive up the interest rate in a fun way with their family, friends, or the whole Bank Saqu community. More people joining Busposito, means that everyone can earn higher rate of up to 7% p.a¹.</li><li>Tabungmatic (round-up saver): Effortlessly boost your savings, by turning on the Tabungmatic feature, to round up your purchases. Your round up QRIS payments will be rewarded in a Saku Booster to earn a higher interest rate, up to 10% p.a.¹ to effortlessly smash your savings goals (terms and conditions apply).</li><li>Rewarding Missions: Bank with Bank Saqu and be rewarded every step of the way. Complete a list of missions to earn rewards, e.g., account opening, BI-FAST transfers, pay with QRIS, referring friends and family, and earn up to Rp1 Million bonus cash per day² (terms and conditions apply).</li><li>Saku Booster (rewards pocket): A designated pocket to store all the cashback you earned from Bank Saqu and round-up savings, the cashback at Saku Booster can earn a higher interest rate of up to 10% p.a.¹ (terms and conditions apply)</li></ul>¹ the above interest rate are applicable as of the date of this press release. For details, please refer to the relevant <a href="https://banksaqu.co.id/id-ID/legal/riplay">terms and conditions</a>² for details of reward mission, please refer to the relevant <a href="https://banksaqu.co.id/id-ID/legal/riplay">terms and conditions</a>Bank Saqu is now available for download through the Google Play Store and Apple Store. With just a few clicks, a Bank Saqu account can be created in minutes to start your innovative financial journey, boost savings and earn daily rewards immediately.-THE END-Media contactsWeLabGroup Communications TeamEmail: pr@welab.co---About Astra FinancialAstra Financial is a brand within the financial services division of PT Astra International Tbk, with total assets amounting to Rp 166 trillion as of December 2022. Astra Financial has served over 24.7 million customers, supported by more than 29,000 employees and 910 networks throughout the archipelago. Operating across nine industries, Astra Financial manages 14 business entities, including Consumer Financing (FIFGROUP, ACC, and TAF), Insurance (Asuransi Astra and Astra Life), Heavy Equipment Financing (KAF and SANF), Fintech (MauCash), E-Money (AstraPay), Digital Ventures (MOXA and SEVA), Venture Capital (Astra Ventura), Pension Fund (Dana Pensiun Astra), and Banking (Bank Jasa Jakarta). For more information, please visit our website at <a href="http://www.astrafinancial.co.id/">www.astrafinancial.co.id</a>About WeLabWeLab, a leading pan-Asian fintech platform, operates WeLab Bank as well as multiple online financial services with leading positions in Hong Kong, Mainland China, and Indonesia, with over 60 million individual users and over 700 enterprise customers. WeLab uses game-changing technology to help customers access credit, save money, and enjoy their financial journey.Powered by proprietary risk management technology, patented privacy computing techniques, and advanced AI capabilities, WeLab offers mobile-based consumer financing solutions and digital banking services to retail individuals and technology solutions to enterprise customers.WeLab operates in three markets under multiple brands, including WeLend, and WeLab Bank in Hong Kong, various business lines in Mainland China, Maucash and Bank Jasa Jakarta in Indonesia.WeLab is backed by the most renowned investors including Allianz, China Construction Bank International, International Finance Corporation (a member of the World Bank Group), CK Hutchison’s TOM Group, and Sequoia Capital.To learn more, please visit: <a href="http://www.welab.co/">www.welab.co</a>, or follow WeLab on <a href="https://www.linkedin.com/company/welab-limited/">LinkedIn</a> and <a href="https://www.facebook.com/WeLabFinance">Facebook</a>About Bank Jasa JakartaEstablished in 1984, Bank Jasa Jakarta focuses on serving the retail and Small and Medium-sized Enterprises (SME) segments. Bank Jasa Jakarta is a partnership between Astra Financial and WeLab. Through a spirit of collaboration, Bank Jasa Jakarta maintains a strong performance trajectory. The bank boasts an ATM network integrated into the Prima and Alto networks, spread across major cities in Indonesia, along with 13 subsidiary branch offices to serve customers. For further information, please visit the official Bank Jasa Jakarta website at <a href="http://www.bjj.co.id/">www.bjj.co.id</a>

Astra Financial and WeLab Launch Bank Saqu  as an Innovative Digital Banking Service

<ul><li>Consistent business performance - with an exceptional YoY growth rate of 37% for Hong Kong’s loan balance, setting a new standard for sustained success over a decade.</li><li>Seizing opportunities in Southeast Asian markets, adding Malaysia as a new WeLab market through B2B business, and launching digital banking services in Indonesia, all in 2023.</li><li>Sets sight on audacious target to achieve exponential growth from currently over 60m to serve 500m users in Asia Pacific by 2032.</li></ul><img class="left" src="/media/images/WeLab_Celebrates_10th_Anniversar.2e16d0ba.fill-3897x2656.jpg" alt="WeLab Founder and Group CEO Simon Loong (left) and WeLab Senior Advisor Professor KC Chan (right) are confident about the fintech opportunities in Asia." />HONG KONG – September 28, 2023 – WeLab, a leading pan-Asian fintech platform, is marking its 10th anniversary milestone this year. WeLab has spearheaded fintech development in Hong Kong and Asia, with its commitment to developing innovative technologies and promoting financial inclusion since the industry’s nascent stages. As the fintech industry continues to surge forward, WeLab eagerly embraces the promising changes ahead and the impact that it is poised to bring. Early in 2013, WeLab saw what was possible from digitalizing financial services and established WeLend, Hong Kong&#x27;s first pure online lending platform. This was followed by adding new business lines, diversifying into digital banking, B2B business, whilst also expanding geographically into Mainland China, Indonesia, and recently Malaysia. WeLab currently has over 60 million users and over 700 enterprise customers, disbursing in excess of HKD 100 billion of loans to date, with a positive growth trajectory that is exceeding a pre-pandemic run-rate. As fintech is widely adopted in daily life and the regional fintech ecosystem develops more comprehensively, WeLab has also announced its next decade goal: to serve 500 million users in Asia Pacific.Commitment to Delivering Industry-first InnovationWeLab has reshaped financial services through technology, successfully creating multiple industry &quot;firsts&quot;, tapping into the immense potential of Asia&#x27;s financial services market, which is worth nearly HKD 24 trillion. These include:<ul><li>Operating WeLend, Hong Kong’s largest pure online lending platform.</li><li>Operating WeLab Bank, one of Asia&#x27;s first licensed digital banks, which has also been recognized as Hong Kong’s most innovative company.</li><li>Being Asia’s first purely digital bank to launch digital wealth advisory services, which has generated investment return of up to 14% since its launch.</li><li>Appointed as the first and only financial service provider in Asia for Apple’s subscription program.</li><li>Being the top lender in Tesla’s electric vehicle loan market in Hong Kong, exceeding 80% market share.</li><li>Being the first company in Hong Kong to acquire a bank in Indonesia, Bank Jasa Jakarta (BJJ), and on track to launch the newly transformed digital banking business.</li></ul>Simon Loong, Founder and Group CEO of WeLab, said: &quot;In the fast-paced journey of the past decade, the Asian financial market has undergone a phenomenal digital transformation. As a pioneer in Hong Kong’s fintech sector, we were excited to be part of this revolution. Since inception, we have been committed to reimagining the financial service experience with technology. Thanks to the dedication of our team and the support of the HKSAR government for nurturing local fintech ecosystem, WeLab has achieved exceptional accomplishments, but our ambitions extend far beyond. As fintech evolves, and traditional financial services fall short in meeting the needs of the Asian market, we anticipate a shift from B2B (Business to Business) to B2B2X (Business to Business to Any User), seamlessly integrating financial services into various products and services for a holistic experience. WeLab is poised to capitalize on every opportunity that emerges in the upcoming surge of rapid growth in Asia.&quot;Simon further outlined that WeLab&#x27;s next milestone is “to deliver tech-driven financial services to 500 million users in Asia Pacific by 2032,”. In addition to strengthening its core businesses, it will continue to effectively explore new opportunities to drive sustainable growth.Propelling WeLab&#x27;s next phase of growth with three key strategies:<ul><li>Strengthening presence in Southeast Asian market with a versatile business model: As the world’s economic focus shifts eastwards, Southeast Asia has become Hong Kong&#x27;s second-largest trading partner with tremendous opportunities. With foresight for this potential, WeLab was an early mover, entering the Indonesian market back in 2018, laying a foundation for future regional development. WeLab is focused on expanding into more markets by adopting diverse business models such as B2C, B2B, and B2B2X. For example, incorporating fintech into users&#x27; daily lives through embedded financial services. As the first step, BJJ’s digital banking service in Indonesia, is on track to be launched imminently. WeLab has also signed a MoU with HSBC to explore delivering world-class customer journeys and innovative product offerings in Southeast Asia, with preparations underway for Malaysia being launched as the first market.</li><li>Fostering innovation through reinvestment, and simultaneously diversifying revenue streams: With a solid foundation in the loans business, WeLab will further explore business opportunities, which generate fee income, such as the B2B segment or wealth management products, for example, the digital wealth advisory solutions co-developed with Allianz Global Investors (AllianzGI), to diversify revenue streams. By reinvesting resources in technological innovation, WeLab will be able to create a sustainable cycle of innovation that will keep it at the forefront of the industry.</li><li>Expanding the ecosystem through cross-industry collaborations: Over the past decade, WeLab has established strategic partnerships with global leading brands such as CK Hutchison, Apple, Tesla, and AllianzGI, amongst others. Looking ahead, WeLab remains dedicated to forging strategic collaborations with additional partners, cultivating powerful synergies to magnify the fintech ecosystem, ultimately enhancing the financial well-being of a wider range of users.</li></ul>Looking ahead, WeLab will further expand its fintech offerings across Asia. WeLab is confident about the potential in the region and believes that through cross-market and cross-industry collaborations, synergies can be created to enhance both reach and scale. This will allow WeLab to deliver its cutting-edge, Hong Kong-developed fintech solutions to users in the region, reinforcing Hong Kong&#x27;s positions as a leading international financial center.-THE END-Media contactsWeLabGroup Communications TeamEmail: pr@welab.co__About WeLabWeLab, a leading pan-Asian fintech platform, operates WeLab Bank as well as multiple online financial services in Hong Kong, Mainland China, Indonesia and Malaysia, with over 60 million individual users and over 700 enterprise customers. WeLab uses game-changing technology to help users access credit, save money, and enjoy their financial journey.Powered by proprietary risk management technology, patented privacy computing techniques, and advanced AI capabilities, WeLab offers mobile-based consumer financing solutions and digital banking services to retail individuals and technology solutions to enterprise customers.WeLab has presence in four markets under multiple brands, including WeLend, and WeLab Bank in Hong Kong, various business lines in Mainland China, Maucash and Bank Jasa Jakarta in Indonesia.WeLab is backed by the most renowned investors including Allianz, China Construction Bank International, International Finance Corporation (a member of the World Bank Group), CK Hutchison’s TOM Group, and Sequoia Capital.To learn more, please visit: <a href="http://www.welab.co/">www.welab.co</a>, or follow WeLab on <a href="https://www.linkedin.com/company/welab-limited/">LinkedIn</a> and <a href="https://www.facebook.com/WeLabFinance">Facebook</a>.

WeLab Celebrates a Decade of Leading Fintech Innovation in Hong Kong Surpassing HKD 100 billion in Total Loan Disbursements

WeLab Bank, the most innovative bank in Hong Kong, announced the expansion of its wealth management services with the launch of our new Featured Fund Platform. WeLab Bank ventured into wealth management business last year, pioneering a personalized and intelligent investment experience for tech-savvy customers. The Bank debuted its digital wealth advisory solution GoWealth, which was widely welcomed by customers immediately after its launch. Currently, over 10k customers have activated their wealth management accounts, and the number of users and investment amounts are also growing rapidly. Building on the success of GoWealth, WeLab Bank has recently launched a new Featured Fund Platform to create a simpler and more direct fund investment experience.WeLab Bank has noticed that many customers with investment experience in funds have expressed their dissatisfaction with the traditional trading models. They find it difficult to obtain professional fund recommendations, and the preparation work is complicated with high subscription fees. There is a demand for a disruptive fund platform to rewrite the legacy model. WeLab Bank strives to elevate the market benchmark and address these pain points by helping customers make investment decisions easier. The Featured Fund Platform consolidates the latest market intelligence for customers, provides hottest investment themes and fund choices, and offers greater flexibility and control over their investment strategy. Unlike other similar services in the market, the platform adopts a monthly fee model – a game-changer to the market that it enables customers to adjust their investment portfolios depending on the market condition without incurring additional costs, saving nearly 90% in transaction costs1 compared to other platforms.To encourage customers to experience the simple, flexible service first-hand, WeLab Bank is waiving all fees from today until 4 August 2023! The Featured Fund Platform will complement the existing digital wealth advisory solution GoWealth by catering to different customer segments.<img class="center" src="/media/images/WeLab_Bank_Launches_Feature_Fund.2e16d0ba.fill-3984x2656.jpg" alt="WeLab Bank Chief Executive Tat Lee (Left) and WeLab Founder & Group CEO Simon Loong (right) believe the all-new Featured Fund Platform offers a simple and direct fund trading experience that makes investment decisions easier." />20 shortlisted hot investment themesWeLab Bank&#x27;s Featured Fund Platform offers 20 investment themes in the launch phase, covering funds across multiple asset classes, including AI technology, health science, ESG, and more. Customers can adjust their investment strategies at any time based on their investment strategy and market conditions. Unlike traditional fund trading platforms that only provide transactional functions, WeLab Bank&#x27;s Featured Fund Platform simplifies the information collection and analysis of fund investments for its customers. The Bank has partnered with top fund managers worldwide (including Allianz Global Investors, BlackRock, Fidelity, Invesco, Janus Henderson, J.P. Morgan Asset Management, PIMCO, and Schroders) to furnish popular investment themes. It integrates and analyzes industry information on different topics and cherry-picks high-quality funds for each investment theme. With this service, WeLab Bank supports customers to stay on top of market trends and make wise investment decisions. Taking the total return of the past three years as an example2, the ESG equity theme on WeLab Bank&#x27;s Featured Fund Platform has increased by as high as 37%. The health science and the AI technology themes have also grown by 35.9% and 27.5% respectively.Hello to monthly fee model, farewell to the expensive chargesWeLab Bank understands that customers want to shake off traditional bank’s commission model that charges on a per-transaction basis; what they need is the freedom to timely adjust their fund allocations based on market conditions. Therefore, WeLab Bank&#x27;s Featured Fund Platform has adopted a new fee model. Customers are now charged an ultra-low flat monthly fee of just 0.08%3 based on the total value of their selected funds. With this model, investment decisions are no longer hindered by transaction fees and customers can trade their funds as many times as they see fit, saving nearly 90% in transaction costs compared to traditional charging model. From now on, the costs of making investment decisions are greatly axed; customers will be able to seize every market opportunity without the transaction fee hurdle! Even in volatile market conditions, customers can rebalance their portfolios anytime without hassle! From today until 4 August 2023, all Featured Fund Platform customers are entitled to monthly fee waivers!<img class="center" src="/media/images/Table_EN_0614.2e16d0ba.fill-829x407.png" alt="Example" />WeLab Bank Chief Executive Tat Lee said, “WeLab Bank launched the wealth management business last year. For many years, we have been analyzing customers&#x27; investment habits and market needs. We have identified two major pain points that many market users face when proactively managing their fund portfolios. Firstly, organizing and analyzing market information is too time-consuming. Secondly, the commission model, which is based on the transaction value and charges per transaction, makes it difficult for customers to dynamically adjust their investment portfolios according to market conditions. To address these challenges, WeLab Bank is proud to introduce the all-new Featured Fund Platform. This service offers a simple and direct fund trading experience that addresses the above pain points. Whether customers wish to actively manage their investment portfolios or entrust their investment plans to our digital wealth advisory solution GoWealth, WeLab Bank is committed to providing a tailored portfolio investment experience for customers with diverse investment needs.”GoWealth Investment Portfolio Index outperforms the marketTat also said that since the launch of GoWealth last year, all GoWealth portfolios have delivered satisfactory results. To enable customers to track GoWealth&#x27;s performance anytime and compare it with major indices in the global market, the Bank has launched the &quot;GoWealth Investment Portfolio Index&quot;. The index reflected that over the past six months, GoWealth has recorded remarkable growth, with an increase as high as 16.5%, surpassing the S&amp;P 500&#x27;s 8.6% increase and the Bloomberg Global Aggregate Bond Index&#x27;s 8.9% increase during the same period4.To provide a more comprehensive investment experience, WeLab Bank has recently launched the &quot;Market Buzz&quot; feature, offering professional insights such as market analysis reports and investor education materials by Allianz Global Investors. Customers can access it via the homepage of the WeLab Bank mobile app for free, stay ahead of the market trend and capture market opportunities at their fingertips.Terms and conditions apply. Please visit <a href="https://www.welab.bank/en/feature/fund">WeLab Bank official website</a> for details about Featured Fund Platform and monthly fee waiver.For details about GoWealth Investment Index, please visit <a href="https://www.welab.bank/en/feature/wealth">WeLab Bank official website</a>.Disclaimers: The above information is for reference only and does not constitute any offer, solicitation, recommendation, comment or any guarantee to the purchase or sale of any investment products or services. The investment products or services are not equivalent to, nor should it be treated as a substitute for, time deposit. Investment involves risks, the value of investment products may go up or down and the investment products may even become valueless. The contents above have not been reviewed by the Securities and Futures Commission.Remarks1The fund platform fee of a month is an aggregate amount of the daily fee within the month. Daily fee is calculated based on the daily market value of all your settled fund holdings in HKD (or HKD equivalent based on daily reference rate) under Featured Funds Services, excluding all money market fund holdings, multiplied by the fund platform fee monthly rate and divided by the number of calendar days of the month. For fund asset class information, please refer to the fund details page in WeLab Bank app.2The return figure of a category is the highest return figure of the funds under the category. The return figures are provided by Morningstar Asia Limited and are for information only. We do not take responsibility for and do not endorse the accuracy of such information.3Assuming the subscription fee rate is 2%, customers who use our Featured Funds Services can save 88% of transaction costs in the above two examples compared with the traditional charging model charging with subscription fee. The examples above are for illustration purposes only. Before making any investment decisions, you should consider your own financial situation, investment objectives and experiences, risk acceptance and ability to understand the nature and risks of the relevant product(s).4 As of 30 April 2023, the last six-month performance of GoWealth Mixed Asset Portfolio Index is 16.5%. The performance of S&amp;P500 is linked to the U.S. S&amp;P 500 Total Return Index (USD). As of 30 April 2023, the last 6 months performance of the U.S. S&amp;P 500 Total Return Index (USD) and Bloomberg Global Aggregate Index (Global Bond Index) are 8.6% and 8.9% respectively. You cannot invest directly in the index and the performance excludes all fees and taxes, and any foreign currency conversion costs and charges. The comparison is for reference only, and is not an investment analysis or advice.---- END ----About WeLab BankWelab Bank Limited (“WeLab Bank” or the “Bank”) is the most innovative company named by the Chinese University of Hong Kong. Founded by a team of financial and technology experts, WeLab Bank’s mission is to understand customers’ needs and design a personalized, intelligent banking experience that helps them manage, save and grow their money. WeLab Bank represents a 100% digital banking experience that is simple, intuitive, and built around our customers. It focuses on the powerful mobile app and multiple intelligent banking services, and delivers an innovative banking experience through partnering with reputable brands including Allianz Global Investors, Tesla and Apple Authorized Resellers.WeLab Bank is a wholly owned subsidiary of WeLab Holdings Limited (“WeLab”), a leading pan-Asian fintech platform. WeLab provides a wide range of digital financial services with leading positions in Hong Kong, Mainland China, and Indonesia, with around 60 million individual users and over 700 enterprise customers. In Hong Kong, one in 4.3 tech-savvy young adults is a WeLab user, reflecting WeLab being the preferred fintech partner in the market.WeLab is backed by the most renowned investors including Allianz, International Finance Corporation (a member of the World Bank Group), Malaysian sovereign wealth fund Khazanah Nasional Berhad, CK Hutchison’s TOM Group, and Sequoia Capital.To learn more, please visit <a href="http://www.welab.bank/">www.welab.bank</a> and <a href="http://www.welab.co/">www.welab.co</a>. Follow WeLab Bank on Instagram: <a href="https://www.instagram.com/welab.bank/">welab.bank</a>.Media enquiry: Franky ChanWeLab Bank Communications TeamEmail: wemedia@welab.bank

Waives All Charges in First Two Months

WeLab Bank Innovates Theme-based Fund Platform to Disrupt Traditional Model Integrates Professional Insights to Deliver Hot Investment Ideas

<ul><li>WeLab and Astra now jointly control the bank, with a total share ownership of approximately 99.13% of BJJ</li><li>All relevant regulatory approvals have been obtained, including from the Financial Services Authority (OJK) of Indonesia</li><li>This transaction is Southeast Asia’s largest digital bank M&amp;A transaction in 2022</li></ul><img class="center" src="/media/images/WeLab_Closing_Ceremony_Photo.2e16d0ba.fill-1726x1152.png" alt="WeLab_Closing Ceremony Photo.png" />HONG KONG – 19 September 2022 – WeLab, a leading pan-Asian fintech platform, today announced the completion of the acquisition of an Indonesian commercial bank, PT Bank Jasa Jakarta (BJJ), together with PT Astra International Tbk (Astra), one of Indonesia’s largest public companies. The completion is marked by the issuance of acquisition approval by the Financial Services Authority (OJK). For this transaction, a WeLab-led consortium, Welab Sky Limited (WeLab Sky), participated in the acquisition together with Astra’s subsidiary PT Sedaya Multi Investama (Astra Financial). The WeLab-led consortium has drawn wide-spread support from existing and new investors, including Allianz X, Boyu Capital, Horizons Ventures, SCBX Group[1] and TFB (Taipei Fubon Bank) Capital.In December 2021, WeLab entered into a Share Purchase and Subscription Agreement with the shareholders of BJJ, and completed a strategic investment for 24% of BJJ. With the acquisition completed today, WeLab and Astra each holds 49.56% of BJJ shares, becoming the majority shareholders and joint controllers of the bank. The transaction is Southeast Asia’s largest digital bank M&amp;A transaction in 2022, illustrating the substantial commitment to invest in, and contribute to digitizing Indonesia’s banking industry. The shareholders aim to transform BJJ into an innovative digital bank in Indonesia.Simon Loong, Founder and Group CEO of WeLab, said, “Expanding WeLab’s digital banking presence across Asia, first in Hong Kong and now in Indonesia, has been one of our key strategic moves. This partnership with Astra reinforces WeLab’s strategic focus on enhancing cross-country and business synergies with partners to increase scale and reach, in order to further strengthen the breadth and depth of the existing pan-Asian fintech platform. We’re excited that our long-term partner, Astra will be collaborating with us to deliver the best tech-driven banking services through BJJ in Indonesia. We look forward to bolstering the customer trust level with the collaboration with Astra.”President Director of Astra Djony Bunarto Tjondro said, “Investment in BJJ is in line with Astra aspirations in financial services pillars to become leading retail financial providers in Indonesia and support the growth of financial services industry as well as the economy of Indonesia.”Propel growth and digital innovation with strong synergies between Astra and WeLabWeLab and Astra are long time partners in Indonesia’s fintech ecosystem. This is WeLab’s second strategic partnership initiative with Astra since the formation of a fintech lending joint venture, PT Astra WeLab Digital Arta (AWDA), in 2018. The complementary strengths of the partners, including WeLab’s know-how and technology in building and being an operator in digital banking, together with Astra&#x27;s solid business ecosystem and experience as well as vast distribution network, are highly synergistic and key success factors to propel BJJ&#x27;s digital transformation and into an innovative digital bank to serve the digital financial needs of Indonesians with accessible and innovative banking solutions.Address unmet financial needs and advocate financial inclusionThe prospect of digital banking in Indonesia is currently on the rise and represents a huge opportunity to provide accessible and innovative digital banking solutions, especially to the retail and MSMEs (Micro, Small &amp; Medium Enterprises) segments. The utilization of financial services in Indonesia has the potential to grow, as 77% of Indonesia’s 270-million-population is either underbanked or unbanked. The country also has a sizable population of 180 million tech-savvy younger consumers, representing a great demand for digital banking services.-THE END-__About WeLabWeLab, a leading pan-Asian fintech platform, operates WeLab Bank as well as multiple online financial services with leading positions in Hong Kong, Mainland China, and Indonesia, with more than 50 million individual users and over 700 enterprise customers. WeLab uses game-changing technology to help customers access credit, save money, and enjoy their financial journey.Powered by proprietary risk management technology, patented privacy computing techniques, and advanced AI capabilities, WeLab offers mobile-based consumer financing solutions and digital banking services to retail individuals and technology solutions to enterprise customers.WeLab operates in three markets under multiple brands, including WeLend, and WeLab Bank in Hong Kong, various business lines in Mainland China, Maucash and a digital bank in Indonesia.WeLab is backed by the most renowned investors including Allianz, China Construction Bank International, International Finance Corporation (a member of the World Bank Group), CK Hutchison’s TOM Group, and Sequoia Capital.To learn more, please visit: <a href="http://www.welab.co/">www.welab.co</a>, or follow WeLab on <a href="https://www.linkedin.com/company/welab-limited/">LinkedIn</a> and <a href="https://www.facebook.com/WeLabFinance">Facebook</a>.About Astra:Astra is one of Indonesia’s largest public companies, comprising 240 subsidiaries, joint ventures, and associate companies, supported by nearly 190,000 employees. The company’s diversified business model creates synergies and opportunities across industry sectors including automotive, financial services, heavy equipment, mining construction and energy, agribusiness, infrastructure and logistics, information technology, and property. The company has a new sustainability framework which contains Astra 2030 Sustainability Aspirations. It will guide Astra in the transition journey to be a more sustainable business by 2030 and beyond. Astra wishes to contribute to the strength and resilience of the Indonesian economy while supporting an inclusive and prosperous society.Astra has a strong record of public and social contributions through four pillars, which consist of health, education, environment, and entrepreneurships as well as nine foundations to contribute to the growth of the Indonesian economy while encouraging a more inclusive and prosperous society. Established in 2010, Astra’s Semangat Astra Terpadu Untuk (SATU) Indonesia Awards programme, has recognised the contribution of 493 young Indonesians across each of these focus areas, including 81 national level recipients and 412 provincial level recipients. The SATU Indonesia Awards programme is integrated with Astra’s wide range of community activities through 170 Kampung Berseri Astra and 1,060 Desa Sejahtera Astra initiatives in 34 provinces throughout Indonesia.For more about Astra, visit <a href="https://apc01.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww.astra.co.id%2F&amp;data=05%7C01%7C%7C057fdac494c14eb2a17c08da3a4cc17b%7C5a0b86e13af74d16a63eafe55beab795%7C0%7C0%7C637886398576030747%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&amp;sdata=p37LK8Ila%2Bl7v%2Fpzvz0B1MvV%2FVmvUk5Z5NIm1gqLNAU%3D&amp;reserved=0">www.astra.co.id</a> &amp; <a href="https://apc01.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww.satu-indonesia.com%2F&amp;data=05%7C01%7C%7C057fdac494c14eb2a17c08da3a4cc17b%7C5a0b86e13af74d16a63eafe55beab795%7C0%7C0%7C637886398576030747%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&amp;sdata=9bF5uK7fJWTUEQZESS11RbOQ%2FCYNnIgcRR%2BlAEt%2BMTo%3D&amp;reserved=0">www.satu-indonesia.com</a> and follow us on Instagram (@SATU_Indonesia), YouTube (SATU Indonesia), Facebook (Semangat Astra Terpadu) and Twitter (@SATU_Indonesia).[1] SCBX Group consists of Siam Commercial Bank PCL, which is a subsidiary of SCBX PCLMedia contactsWeLabGroup Communications TeamEmail: pr@welab.co

Plans to Transform the Bank into Indonesia’s Innovative Digital Bank

WeLab and Astra Complete the Acquisition of Bank Jasa Jakarta

WeLab Bank (or “the Bank”), the virtual bank dedicated to curating intelligent banking experience, announced that it had become Asia’s 1st purely-digital bank independent of traditional banking groups in major Asian markets to launch digital wealth advisory solution[1] as its GoWealth Digital Wealth Advisory (GoWealth) rolled out to market today. Over the two-month trial period, the innovative solution achieved a satisfactory result in the goal-setting flow for over 65,000 visitors. 70% of reviewers expressed that they were looking forward to the official product launch. GoWealth combines the fintech strength of WeLab Bank with the investment expertise of Allianz Global Investors (AllianzGI), one of the world’s leading asset management firms, empowering customers to reach their financial goals on “autopilot” with an end-to-end approach.Goal-based investment experience through “Set, Track, Goal”Unlike most of the wealth management products in the market which are risk-based, GoWealth is a goal-based wealth advisory solution. It ties the entire investment experience with customers’ goals through an end-to-end advisory process, ranging from financial planning and investment portfolio recommendations to fund transactions and financial goal tracking, all in the WeLab Bank app. For customers who have clear financial goals, try to establish an investment habit, or get ready for financial independence, in just 3 steps - “Set, Track, Goal”, everyone can capitalize on the power of technology and reach their financial goals on autopilot.WeLab Bank Chief Executive Tat Lee said, “Most of the existing wealth management services focus on high-net-worth customer segments; some relationship managers cease following up and stop tracking investment performance after customers buy investment products. Understanding these pain points, WeLab Bank is determined to digitalize and democratize wealth advisory through GoWealth. By providing goal-based end-to-end investment, we are enabling everyone to get easy access to professional financial advisory in our mobile app. On this occasion, by launching GoWealth, we are proud to become Asia’s 1st purely-digital bank to launch a digital wealth advisory solution[1]. We envisage that GoWealth will raise the bar for the wealth management industry and mark an important milestone for the entire banking industry.”WeLab Bank’s Intelligent investment engine powered by AllianzGIWeLab Bank trail-blazes digital wealth management services through GoWealth, backed by its fintech experience and AllianzGI’s investment management expertise. GoWealth’s unrivaled intelligent investment engine can instantly calculate the “probability of success”[2], providing investment recommendations and managing risk for customers under all circumstances. GoWealth’s investment recommendation is made based on its 12 model portfolios, the intelligent engine runs simulations under 12,000 market scenarios and predicts their performance over the next 50 years[3]. Then it makes an investment recommendation that best-fits customers and stands the highest probability of success[4]. To empower customers’ risk management, GoWealth updates the “probability of success” on a regular basis which allows customers to understand the risks involved with greater ease. It tracks the progress of customers’ financial goals, and helps customers stay on track with smart alerts so that they can manage their portfolios at fingertips and gain traction under all market conditions.AllianzGI Head of Institutional Business for Asia Pacific Philip Tso said, “We are excited to collaborate with WeLab Bank and deliver our expertise to more customer segments through fintech. GoWealth relies on the extensive portfolio simulation methodology and AllianzGI’s expertise in and investment management. We believe we can work with WeLab to help democratize digital wealth management solutions for more customers in the city, helping them achieve their financial goals and needs.”Start GoWealth with as low as HKD100 and enjoy special kickoff offerCustomers can kick start their personalized investment plan at as low as HKD100 through the GoWealth tab in the WeLab Bank app. To celebrate the public launch of GoWealth, all new customers can enjoy a kickstart fund up to HKD500 and full rebate of the subscription fees is entitled to all customers for their first HKD30,000 investment, the total rebate amount is as much as HKD23,000[5]!For more details about digital wealth advisory services GoWealth, please refer to the <a href="https://www.welab.bank/en/feature/wealth">WeLab Bank website</a>.Remarks:[1] According to a market research conducted by WeLab Bank on 26th May 2022, WeLab Bank is the first virtual bank that is independent from traditional banking groups to provide digital wealth advisory solutions in the below major Asian developed and emerging markets: Hong Kong, Japan, Singapore, Mainland China, India, Indonesia, Korea, Malaysia, Philippines, Taiwan, Thailand and Vietnam.[2] “Probability of success” is a statistical probability to achieve your target wealth at the end of the investment plan. It is computed by simulating the potential growth of wealth based on the goal parameters provided by you during the goal setting process, model portfolio allocation and our capital market assumptions.[3] The algorithm in GoWealth relies on the portfolio simulation database containing 12,000 simulation paths for the model portfolios projected over the next 50 years (i.e. 600 months), which reflects our capital market forecast on various asset classes and the model portfolios in terms of risk, return and correlations.[4] GoWealth’s investment engine will recommend a model portfolio with the highest probability of success and lowest expected risk level within the 2% probability of success buffer range.[5] From now until 15 July 2022, open WeLab Bank account with referral code “INVEST” and Investment Account and make your one-time investment of model portfolio to enjoy WeLab Bank GoWealth Seed Money Welcome Offer (“Welcome Offer”) and get up to HKD500 Seed Money as kickstart fund. From now until 30 September 2022, invest in mutual funds with a minimum subscription fee of 1.5% to enjoy WeLab Bank GoWealth Cash Rebate Subscription Offer (“Subscription Offer”) and get the subscription fee rebate and cash rebate. Investment amount shall not include any redemption amount of mutual funds made before accreditation of the subscription fee rebate and cash rebate. To enjoy the maximum rebate amount, new customers should fulfil both the relevant terms and conditions of the Welcome Offer and the Subscription Offer. The abovesaid offers are subject to terms and conditions. For further details, please refer to WeLab Bank website.Disclaimers: The above information is for reference only and does not constitute any offer, solicitation, recommendation, comment or any guarantee to the purchase or sale of any investment products or services. The investment products or services are not equivalent to, nor should it be treated as a substitute for, time deposit. Investment involves risks, the value of investment products may go up or down and the investment products may even become valueless. The contents above have not been reviewed by the Securities and Futures Commission.---- END ----About WeLab BankWelab Bank Limited (“WeLab Bank” or the “Bank”), is a homegrown virtual bank licensed by the Hong Kong Monetary Authority (“HKMA”). Founded by a team of financial and technology experts, WeLab Bank’s mission is to understand customers’ needs and design a personalized, intelligent banking experience that helps them manage, save and grow their money. WeLab Bank represents a 100% digital banking experience that is simple, intuitive, and built around our customers. WeLab Bank focuses on the powerful mobile app and the numberless Debit Card, both designed with an obsession with customers’ experience and data security.WeLab Bank is a wholly owned subsidiary of WeLab Holdings Limited (“WeLab”), a leading pan-Asian fintech platform. WeLab provides a wide range of digital financial services with leading positions in Hong Kong, Mainland China, and Indonesia, with more than 50 million individual users and over 700 enterprise customers.WeLab is backed by the most renowned investors including Allianz, International Finance Corporation (a member of the World Bank Group), Malaysian sovereign wealth fund Khazanah Nasional Berhad, CK Hutchison’s TOM Group, and Sequoia Capital.To learn more, please visit <a href="http://www.welab.bank/">www.welab.bank</a> and <a href="http://www.welab.co/">www.welab.co</a>. Follow WeLab Bank on Instagram: <a href="https://www.instagram.com/welab.bank/">welab.bank</a>.About Allianz Global InvestorsAllianz Global Investors is a leading active asset manager with over 700 investment professionals in 24 offices worldwide and managing EUR 637 billion in assets (Data as at 31 March 2022). We invest for the long term and seek to generate value for clients every step of the way. We do this by being active – in how we partner with clients and anticipate their changing needs, and build solutions based on capabilities across public and private markets. Our focus on protecting and enhancing our clients’ assets leads naturally to a commitment to sustainability to drive positive change. Our goal is to elevate the investment experience for clients, whatever their location or objectives.Active is: Allianz Global InvestorsMedia Enquiry:Franky ChanWeLab Bank Communications TeamEmail: wemedia@welab.bankAngie TangAllianz Global InvestorsEmail: Angie.Tang@allianzgi.com

It is powered by AllianzGI to deliver Goal-based Investment experience

WeLab Bank Chief Executive Tat Lee (Left) and AllianzGI Head of Institutional Business for Asia Pacific Philip Tso (right) believe GoWealth will raise the bar for the wealth management industry and mark an important milestone for the entire banking indust

WeLab Bank Launches GoWealth and  Becomes Asia’s 1st Purely-digital Bank to Launch Digital Wealth Advisory Solution

WeLab Bank (or “the Bank”), the virtual bank dedicated to curating intelligent banking experience, has become the first virtual bank in Hong Kong licensed to offer digital wealth advisory services. Having obtained the Type 1 (Dealing in securities) and Type 4 (Advising on securities) licenses from the Hong Kong Securities and Futures Commission (HKSFC), the Bank soft launched its intelligent wealth solution GoWealth Digital Wealth Advisory (GoWealth) for selected customers, with the public launch scheduled for the near future.First Digital Wealth Advisory Solution powered by AllianzGI’s expertiseGoWealth is WeLab Bank’s wealth management advisory solution which capitalizes on the investment expertise by Allianz Global Investors (AllianzGI), one of the world’s leading asset management firms. The two industry pioneers announced a strategic collaboration early last year, aiming to combine their expertise in fintech and investment management, as well as their deep understanding about the financial needs and habits of Hong Kong people for the Bank to create a brand-new seamless intelligent wealth advisory experience for the city.<img class="fullwidth" src="/media/images/KV_WeLab_Bank_soft_launches_GoWe.2e16d0ba.fill-3335x1880.jpg" alt="WeLab Bank is Hong Kong’s 1st virtual bank licensed to offer digital wealth advisory services; its digital wealth advisory services GoWealth has entered the soft launch stage." />Set your Financial Goals. GoWealth is so intuitive, navigation will feel like ‘“autopilot”Unlike most of the wealth management solutions in the market which are risk-based, GoWealth will take a tailored goal-based approach to offer personalized intelligent advisory services to customers, seamlessly and intuitively through our mobile app. More details are available on the <a href="https://www.welab.bank/en/feature/wealth">WeLab Bank website</a>. Interested customers can now preview GoWealth’s interface and get a taste of the goal-setting flow in the WeLab Bank app. Other functions, such as investment advisory, transaction and goal management, will be open to all customers at the public launch. More details of GoWealth will be unveiled closer to the public launch in the coming months.Professor KC Chan, Chairman of WeLab Bank, believes that GoWealth will become the personalized intelligent wealth advisor at our customers’ fingertips. “Although Hong Kong enjoys abundant wealth solutions options, according to the findings of a third-party survey*, only 1/3 of locals have access to professional financial advice, indicating a substantial unmet needs of wealth management in the market. In view of this, WeLab Bank has leveraged fintech to fill up the gap in wealth management market by designing a personalized intelligent wealth management advisory solution for all, assisting customers to achieve financial goals with ease.”To better understand the financial management behaviors and needs of Hong Kong people, WeLab Bank and AllianzGI have commissioned independent market research agency Nielsen to conduct an online survey, in which 1,000 respondents, aged 20-59 and with a monthly household income no less than HKD15,000, were interviewed about their goals and struggles on their financial journeys.70% are unsure if their current financial plans would help achieve financial goalsThe survey revealed that 81% of the respondents have clear financial goals. The most popular options are: to leave their jobs and spend a year on realizing dreams (33%) and to achieve financial independence before age 50 (33%). Despite having clear financial goals, more than half of them have no idea about how to achieve them.65% don’t have a clear picture of their portfolio composition and performanceThe survey also found that Hong Kong people generally allocate 20% of their income to savings and investments, but 65% admitted that they are not clear about their investment portfolio composition and its performance, and are not sure whether their investment and savings are capable of achieving their financial goals. Additionally, 50% of the respondents think they need professional financial advice but have no access to it.Saving “blindly” without clear alignment with financial goalsWeLab Bank and AllianzGI believe that many Hong Kong people are not certain whether their saving and investment portfolios are effective. However, as they have no access to professional financial advice, easy-to-use wealth management platforms or wealth management tools with transparent charges, they can only resort to risk their financial planning by saving “blindly”, which may result in drifting further away from their financial goals.Philip Tso, Head of Institutional Business for Asia Pacific at AllianzGI, suggested that Hong Kong people should begin with a practical financial goal, then achieve it through a systematic approach. “The momentum of saving and investment is significantly affected by the achievability of the financial goals. People should take a goal-based approach, breaking down a big goal into several smaller, easier goals. With persistence, everyone can build up a powerful habit of saving and investment, and achieve bigger goals step by step.”Tso also pointed out that goal-based digital wealth advisory solutions are in great demand in Hong Kong, according to the survey results*. This demand led WeLab Bank to team up with AllianzGI’s expertise in digital investment solutions, to help tackle the pain points of Hong Kong people and assisting them to achieve their financial goals through GoWealth. Tso added, “We are excited to collaborate with WeLab Bank to launch GoWealth, enabling agility and predictability in wealth management through digital-led asset allocation and monitoring.”For more details about digital wealth advisory services GoWealth, please refer to the <a href="https://www.welab.bank/en/feature/wealth">WeLab Bank website</a> and stay tuned for further announcements.*Based on the results of the online questionnaire survey conducted by Nielsen. Please refer to the body text of this press release for details.---- END ----Disclaimer: The above information is for reference only and does not constitute any offer, solicitation, recommendation, comment or any guarantee to the purchase or sale of any investment products or services. The investment products or services are not equivalent to, nor should it be treated as a substitute for, time deposit. Investment involves risks, the value of investment products may go up or down and the investment products may even become valueless. The contents above have not been reviewed by the Securities and Futures Commission.About WeLab BankWelab Bank Limited (“WeLab Bank” or the “Bank”), is a homegrown virtual bank licensed by the Hong Kong Monetary Authority (“HKMA”). Founded by a team of financial and technology experts, WeLab Bank’s mission is to understand customers’ needs and design a personalized, intelligent banking experience that helps them manage, save and grow their money. WeLab Bank represents a 100% digital banking experience that is simple, intuitive, and built around our customers. WeLab Bank focuses on the powerful mobile app and the numberless Debit Card, both designed with an obsession with customers’ experience and data security.WeLab Bank is a wholly owned subsidiary of WeLab Holdings Limited (“WeLab”), a leading fintech company in Asia. WeLab provides a wide range of digital financial services with leading positions in Hong Kong, Mainland China, and Indonesia, with more than 50 million individual users and over 700 enterprise customers.WeLab is backed by the most renowned investors including Allianz, International Finance Corporation (a member of the World Bank Group), Malaysian sovereign wealth fund Khazanah Nasional Berhad, CK Hutchison’s TOM Group, and Sequoia Capital.To learn more, please visit <a href="http://www.welab.bank/">www.welab.bank</a> and <a href="http://www.welab.co/">www.welab.co</a>. Follow WeLab Bank on Instagram: <a href="https://www.instagram.com/welab.bank/">welab.bank</a>.About Allianz Global InvestorsAllianz Global Investors is a leading active asset manager with over 700 investment professionals in 23 offices worldwide and managing EUR 673 billion in assets (Data as at 31 December 2021). We invest for the long term and seek to generate value for clients every step of the way. We do this by being active – in how we partner with clients and anticipate their changing needs, and build solutions based on capabilities across public and private markets. Our focus on protecting and enhancing our clients’ assets leads naturally to a commitment to sustainability to drive positive change. Our goal is to elevate the investment experience for clients, whatever their location or objectives.Active is: Allianz Global InvestorsMedia Enquiry:Franky ChanWeLab Bank Communications TeamEmail: wemedia@welab.bankAngie TangAllianz Global InvestorsEmail: Angie.Tang@allianzgi.com

WeLab Bank is Hong Kong’s 1st Virtual Bank to offer Digital Wealth Advisory Solutions - GoWealth Digital Wealth Advisory Goes into Soft Launch

<ul><li>A WeLab-led consortium raised US$240 million - the largest fintech fundraising in Indonesia in 2021.</li><li>Move extends pan-Asian digital banking services to huge Indonesian market.</li><li>WeLab will become one of the first pan-Asian fintech platforms running multiple digital banks in the region.</li></ul>WeLab, a leading pan-Asian fintech platform, today announced the acquisition of PT Bank Jasa Jakarta (BJJ), a commercial bank in Indonesia, with plans to launch its second digital bank in Asia further to the successful launch of WeLab Bank in Hong Kong.WeLab, headquartered in Hong Kong, has drawn wide-spread interest from existing and new investors who have already contributed US$240 million for this transaction, representing the largest fintech funding in Indonesia in 2021. The funds will be used to acquire the controlling stakes from its existing shareholders and tech investments.Indonesia represents a huge opportunity to provide accessible and innovative digital banking solutions. The country, which has around 180 million tech-savvy younger consumers, is one of the largest financially underserved markets in Asia. It is estimated that 77% of its population are either unbanked or underbanked. WeLab aims to help bridge these unmet needs and close the financial inclusion gap with the new digital banking services.WeLab plans to launch this second digital bank in Asia in the second half of 2022. It has the head-start of being able to provide its proven technology, operational expertise and experience in building and operating a digital bank.WeLab already has over 150,000 digital banking customers since running WeLab Bank in Hong Kong in 2019, offering customers a new intelligent banking experience through a full suite of digital banking services. It has also established presence in Southeast Asia since 2018 through a joint venture with Astra International to operate a licensed online lending app, Maucash, which already has more than three million Indonesian users.For this transaction, a WeLab-led consortium, Welab Sky Limited (“WeLab Sky”), has entered into a Share Purchase and Subscription Agreement with all the shareholders of BJJ. According to the agreement, WeLab Sky will acquire the stakes of BJJ to become the sole controlling shareholder. As the initial step, WeLab Sky has already completed the strategic investment for a 24% stake in BJJ. The remaining stake for majority control will be completed upon obtaining the relevant regulatory approvals, including from the Financial Services Authority (“Otoritas Jasa Keuangan”) of Indonesia.Simon Loong, Founder and Group CEO of WeLab, said, “We continue the journey that we started in 2018 to build one of the first pan-Asian digital banking platforms, first in Hong Kong and now in Indonesia. WeLab combines its advanced digital banking technology with the BJJ network to further grow the Bank’s business towards a bright digital future.BJJ has earned an excellent reputation for being a trusted retail bank in the market over the last 40 years. We look forward to building on this foundation with our fintech expertise, and success of operating a licensed digital bank in Hong Kong, to build a tech-driven digital bank that will be financially inclusive for the people of Indonesia.”Handrie Wirawan, President Director of BJJ, said, “We’re excited to welcome WeLab as the new shareholder to bring BJJ into the new digital banking era. BJJ has been undergoing digital transformation since 2018, this strategic initiative is aligned with our commitment and vision in offering digital banking services to more customers.With the experience and expertise of WeLab in digital banking and fintech, we are confident that BJJ can further improve our customers’ financial wellbeing with advanced banking technology.”J.P. Morgan is acting as financial advisor to WeLab.--END--About WeLabWeLab, a leading pan-Asian fintech platform, operates WeLab Bank as well as multiple online financial services with leading positions in Hong Kong, Mainland China, and Indonesia, with more than 50 million individual users and over 700 enterprise customers. WeLab uses game-changing technology to help customers access credit, save money, and enjoy their financial journey.Powered by proprietary risk management technology, patented privacy computing techniques, and advanced AI cap abilities, WeLab offers mobile-based consumer financing solutions and digital banking services to retail individuals and technology solutions to enterprise customers.WeLab operates in three markets under seven key brands, including WeLend, and WeLab Bank in Hong Kong, WeLab Digital (我来数科), Taoxinji (淘新机), Wallet Gugu (钱夹谷谷), and Tianmian Tech (天冕科技) in Mainland China and Maucash in Indonesia.WeLab is backed by the most renowned investors including Allianz, China Construction Bank International, International Finance Corporation (a member of the World Bank Group), CK Hutchison’s TOM Group, and Sequoia Capital.To learn more, please visit: <a href="http://www.welab.co/">www.welab.co</a>, or follow WeLab on <a href="https://www.linkedin.com/company/welab-limited/">LinkedIn</a> and <a href="https://www.facebook.com/WeLabFinance">Facebook</a>.Media ContactsGroup Communications TeamEmail: pr@welab.co

WeLab acquires Bank Jasa Jakarta in Indonesia   with plans to launch second digital bank in Asia,  after successful launch in Hong Kong

WeLab, a leading fintech company in Asia, launches an innovative subscription program for purchasing Apple products with Apple authorized resellers - Subscribe+ for Apple Products. Customers can purchase Apple products through the subscription program using the newly launched WeLab Pay powered by WeLend platform[1]. For as low as just HK$204 a month, customers can own the latest iPhone 13 (128GB storage), or HK$152 for a MacBook Air (256GB storage). WeLab is the first and only financial services provider in Asia offering this program for purchasing Apple products. FORTRESS is the first retail partner to offer this unique program seamlessly through its extensive network of over 70 physical branches[2] as well as its online store in Hong Kong.<p class="image-container text-center" data-img-alt="Hero carousel en ver.f.png" data-img-format="center" data-img-id="281" data-img-max-width="0" data-img-src="/media/images/Hero_carousel_en_ver.f.width-500.png" element-type="image"><img alt="Hero carousel en ver.f.png" src="/media/images/Hero_carousel_en_ver.f.width-500.png" style="width: auto; height: auto; max-width: max(100%, 0px)"/>Key features of the Subscribe+ for Apple Products program:<ul><li>Guaranteed trade-in option upon end of term</li><li>Deduct trade-in value in advance, making monthly payments as low as $58/ month [3] for a 10.2-inch iPad (64 GB storage), with no hidden fees and other upfront costs</li><li>Starting with 0% interest rate [4]</li><li>Customers can continue to enjoy low monthly payments in future device upgrades</li></ul>“The launch of WeLab Pay is our innovative adaptation of the popular subscription model, powered by WeLab’s technology tailored for customer preferences. In Hong Kong, consumers always look for more transparent and better payment options that meet their spending needs. With the launch of Subscribe+ for Apple Products in Hong Kong, WeLab offers customers, particularly the new generation of – Gen Zers and Millennials - with a game-changing way of purchasing Apple products with more flexibility in spending. The most unique part of this program is the innovative mechanism - by first deducting the high trade-in value of Apple Products[5], before calculating the monthly payments, this delivers great value and making low monthly payments possible for customers. The trade-in value of the device can be carried forward for future Apple upgrades, effectively creating a perpetual discount to the device list price for so long as they remain customers of this program!” said Simon Loong, the Founder and Group CEO of WeLab.“FORTRESS is committed to providing innovative O+O shopping experience to meet customers’ needs and stay up-to-date with their lifestyles and shopping behaviors. We are delighted to strengthen our partnership with WeLab, offering this first-to-market Subscribe+ for Apple Products program to our customers with a flexible and seamless integration of O+O shopping and payment experience. Customers can visit our FORTRESS stores and eShop to bring their favorite Apple products back home, school or office by signing up this plan to enjoy great convenience and payment flexibility. At the end of the plan period, customers can return their device to FORTRESS and renew with the latest models, or keep their device by paying the trade-in value,” said Clarice Au, Managing Director of FORTRESS.Signing up for the Subscribe+ for Apple Products online is quick and easy, through the WeLab Pay platform and will only take around 5 minutes at a point of sale. Customers can design their plans according to their needs and approved spending credit. For iPhone and Apple Watch, WeLab offers a subscription period of 24 months. For iPad and Mac, the subscription period is 36 months. At the end of the subscription period, customers can either renew the program and upgrade to a newer model by simply trading-in the device; keep their devices by paying off the trade-in value and the last monthly payment amount; or simply return their devices to the participating authorized Apple resellers with the trade-in value.Please refer to the official website for more details and T&amp;C’s – <a href="https://subscribe-plus-for-apple-products.welend.hk/en/">https://subscribe-plus-for-apple-products.welend.hk/en/</a>.-- END --About WeLabWeLab, a leading fintech company in Asia, operates one of the first licensed digital banks in Asia - WeLab Bank, as well as multiple online financial services with leading positions in Hong Kong, Mainland China, and Indonesia, with close to 50 million individual users and over 700 enterprise customers. WeLab uses game-changing technology to help customers access credit, save money, and enjoy their financial journey.Powered by proprietary risk management technology, patented privacy computing techniques, and advanced AI capabilities, WeLab offers mobile-based consumer financing solutions and digital banking services to retail individuals and technology solutions to enterprise customers.WeLab operates in three markets under seven key brands, including WeLend, and WeLab Bank in Hong Kong, WeLab Digital (我来数科), Taoxinji (淘新机), Wallet Gugu (钱夹谷谷), and Tianmian Tech (天冕科技) in Mainland China and Maucash in Indonesia.WeLab is backed by the most renowned investors including Allianz, China Construction Bank International, International Finance Corporation (a member of the World Bank Group), Malaysian sovereign wealth fund Khazanah Nasional Berhad, CK Hutchison’s TOM Group, and Sequoia Capital.To learn more, please visit: <a href="http://www.welab.co/">www.welab.co</a>, or follow WeLab on LinkedIn and Facebook.For media enquiries:Communications TeamEmail: pr@welab.coRemarks:[1] The official name of WeLab Pay platform is “WeLab Pay powered by WeLend”.[2] The “Subscribe+ for Apple Products” program will be rolled out across FORTRESS stores progressively, starting with 22 designated stores in the first phase.[3] For purchase of a 10.2-inch (64GB storage) iPad with the retail price of HK$2,599.[4] Actual monthly payment is subject to the interest that may be payable under the program depending on your credit score.[5] Eligibility of trade-in and the trade-in value will vary depending on actual condition and the extent of damage to the device(s).

The first program of this type in Asia

WeLab and Apple Authorized Resellers Launch  “Subscribe+ for Apple Products”

4 August 2021, Hong Kong – WeLab Bank, a virtual bank licensed by the Hong Kong Monetary Authority, celebrates its first anniversary with impressive results. Since its launch in July 2020, WeLab Bank has raised public expectations of banking services with the introduction of innovative banking products and services to Hong Kong. The Bank takes great care to deepen customer engagement through socially engaging elements, to the delight of its customer base. In the second half of 2021, the Bank will continue to help its customers Manage, Save, and Grow their money with the introduction of enhanced intelligent banking experiences, and the continued development of digital wealth management solutions.<img class="center" src="/media/images/Group_photo_of_WeLab_Bank_Chairm.2e16d0ba.fill-5709x3806.jpg" alt="Group photo of WeLab Bank Chairman Professor KC Chan & CE Tat Lee.jpg" />WeLab Bank Chairman Professor KC Chan (left) and Chief Executive Tat Lee (right) believe the Bank has reshaped banking services with its intelligent banking experience.WeLab Bank counts amongst its business achievements a customer base of about 130,000 customers. The Bank’s iconic, socially-driven GoSave time deposit remains popular, contributing to the Bank’s total book deposit of HKD2 billion at end June 2021; the deposit-linked personal instalment loan GoFlexi recorded a total applications amount of about HKD700 million; the first numberless WeLab Debit Card recorded close to HKD450 million in spending transactions. In terms of engagement, the card boasts a repeated user proportion of 87%, with spending on everyday use being the most popular merchant categories in general. Besides, 56% of the Bank’s customers are monthly active users of WeLab Bank mobile app. These data reflect that WeLab Bank customers are deeply engaged with its products.Reshaping the local banking industry with ground-breaking innovationsWeLab Bank Chairman, Professor KC Chan is very proud of WeLab Bank’s achievement in the first year. “In just one year, WeLab Bank has catalyzed digital transformation by introducing many digital-first innovative ideas to change the public’s deeply rooted impressions of banking services and enabled the public to manage their finance with higher flexibility and enjoyment in the process. Today, the Hong Kong banking industry is markedly different than a year ago before WeLab Bank launched.”Multiple “First in Hong Kong” offerings that are loved by customersTat Lee, WeLab Bank Chief Executive, thanks customers for their support. “Using data, the power of social and a commitment to financial inclusion as cornerstones, WeLab Bank has introduced many ‘First in Hong Kong’ products and services.” Tat recaps inaugural products such as the numberless WeLab Debit Card; and GoSave, the first high interest time deposit product based on the number of depositors; and GoFlexi, Hong Kong’s first deposit-linked personal instalment loan. Tat continued, “Watch out for WeLab Bank as we bring new intelligent banking experiences to Hong Kong in the second half of 2021, including the collaboration with Allianz Global investors on developing digital wealth management solutions.”Introduction of intelligent banking experiencesWeLab Bank will continue to utilize cutting-edge technology, such as big data and AI, combined with its banking expertise and profound understanding of this industry, to bring about better digital banking services for customers in the second half of 2021. In addition, the Bank will make use of wealth tech to facilitate financial planning for the mass and enable investment engagement at all levels, keeping in the spirit of financial inclusion for all. As WeLab Bank’s product suite becomes more comprehensive, the Bank will leverage the power of technology to provide relevant and intelligent banking experiences.---- END ----About WeLab BankWelab Bank Limited (“WeLab Bank” or the “Bank”), is a homegrown virtual bank licensed by the Hong Kong Monetary Authority (“HKMA”). Founded by a team of financial and technology experts, WeLab Bank’s mission is to understand customers’ needs and design a personalized, intelligent banking experience that helps them manage, save and grow their money. WeLab Bank represents a 100% digital banking experience that is simple, intuitive, and built around our customers. WeLab Bank focuses on the powerful mobile app and the numberless Debit Card, both designed with an obsession with customers’ experience and data security.WeLab Bank is a wholly owned subsidiary of WeLab Holdings Limited (“WeLab”), a leading fintech company in Asia.To learn more, please visit: www.welab.bank or follow WeLab Bank on Instagram: welab.bankAbout WeLabWeLab, a leading fintech company in Asia, operates one of the first licensed digital banks in Asia - WeLab Bank, as well as multiple online financial services with leading positions in Hong Kong, Mainland China, and Indonesia, with close to 50 million individual users and over 700 enterprise customers. WeLab uses game-changing technology to help customers access credit, save money, and enjoy their financial journey.Powered by proprietary risk management technology, patented privacy computing techniques, and advanced AI capabilities, WeLab offers mobile-based consumer financing solutions and digital banking services to retail individuals and technology solutions to enterprise customers.WeLab operates in three markets under seven key brands, including WeLend and WeLab Bank in Hong Kong, WeLab Digital (我来数科), Taoxinji (淘新机), Wallet Gugu (钱夹谷谷), and Tianmian Tech (天冕科技) in Mainland China and Maucash in Indonesia.WeLab is backed by the most renowned investors including Allianz, China Construction Bank International, International Finance Corporation (a member of the World Bank Group), Malaysian sovereign wealth fund Khazanah Nasional Berhad, CK Hutchison’s TOM Group, and Sequoia Capital.To learn more, please visit: <a href="http://www.welab.co/">www.welab.co</a>, follow WeLab on LinkedIn and Facebook.Media Enquiry： Corporate Communications Team Email: wemedia@welab.bank

Brings Intelligent Banking Experience in Second Half of Year

Group photo of WeLab Bank Chairman Professor KC Chan & CE Tat Lee.jpg

WeLab Bank Celebrates 1st Anniversary Reshapes Banking Services with Innovation

23 June 2021, Hong Kong - WeLab Bank, a homegrown virtual bank in Hong Kong, today launched its “HK’s First Mind-blowing R Friends Referral Campaign”. Upon successful referral for opening a WeLab Bank account, both the referrer and referee will get HKD100 referral rewards. Moreover, when the referee refers another friend to open an account, all three customers get rewards! The referral rewards extend to three layers of referees. The multilayer rewards mechanics takes referral campaigns to the next level; each customer can earn as much as HKD5,000* referral rewards! In addition, all successful referrers and referees can participate in the weekly lucky draws* of HKD5,000 spending rebate for a lucky winner each week! To end on a high note, the Bank will hold a finale draw* at the end of September, where two lucky customers will each take home the grand prize of HKD100,000 spending rebate!So now, gather your friends and encourage them to refer even more friends so that you can sit back, relax and let your friends make the most out of the campaign for you, and look forward to the weekly lucky draw prizes and the grand prize! The earlier you act, the more chances you win the prizes. Refer your friends now!<p class="image-container text-center" data-img-alt="KV_WeLab Bank “R Friends Referral Campaign” Gives Away Multi-wave Rewards.jpg" data-img-format="center" data-img-id="239" data-img-max-width="0" data-img-src="https://welab-site3-cms-staging.s3.ap-southeast-1.amazonaws.com/images/KV_WeLab_Bank_R_Friends_Referral_Campaign_Give.width-500.jpg" element-type="image"><img alt="KV_WeLab Bank “R Friends Referral Campaign” Gives Away Multi-wave Rewards.jpg" src="https://welab-site3-cms-staging.s3.ap-southeast-1.amazonaws.com/images/KV_WeLab_Bank_R_Friends_Referral_Campaign_Give.width-500.jpg" style="width: auto; height: auto; max-width: max(100%, 0px)"/>Starting today until the end of September, with the WeLab Bank app updated to the latest version, customers can log in to the app and get their unique referral code (FPXXXX) by tapping the top right-hand corner. Upon successfully referring friends with his/her unique referral code, the customer and his/her direct referral friend (Layer-1 friend) will both get HKD100 rewards. When the direct referral uses his/her unique referral code to further refer a new friend (Layer-2 friend), not only do the direct referral and the new friend each get HKD100, but the original referrer can also earn a HKD50 reward! The same mechanics apply up to Layer-3 friends!<p class="image-container text-right" data-img-alt="image_WeLab Bank “R Friends Referral Campaign” Gives Away Multi-wave Rewards.jpg" data-img-format="right" data-img-id="240" data-img-max-width="0" data-img-src="https://welab-site3-cms-staging.s3.ap-southeast-1.amazonaws.com/images/image_WeLab_Bank_R_Friends_Referral_Campaign_G.width-500.jpg" element-type="image"><img alt="image_WeLab Bank “R Friends Referral Campaign” Gives Away Multi-wave Rewards.jpg" src="https://welab-site3-cms-staging.s3.ap-southeast-1.amazonaws.com/images/image_WeLab_Bank_R_Friends_Referral_Campaign_G.width-500.jpg" style="width: auto; height: auto; max-width: max(100%, 0px)"/>Thus, the more direct referral friends one has, the higher chance he/she can earn rewards from their layer-2 and layer-3 friends. Simply refer the right friends, chill out and wait effortlessly for the rewards. HKD5,000* reward could be just a few referrals away!To add more excitement to the referral campaign, WeLab Bank has also rolled out weekly lucky draws for successful referrers and referees of R Friends Referral Campaign who have completed a simple mission; the winner of each week will get HKD5,000 spending rebate! A finale draw will take place at the end of September, where two lucky customers will each take home the grand prize of HKD100,000 spending rebate! Please refer to WeLab Bank’s official Instagram page and Facebook page for mission details and results of the lucky draws. For now, simply share your referral code and secure every winning chance!Tat Lee, Chief Executive of WeLab Bank, said the latest referral campaign is much more than attracting more new customers. It is also about exemplifying the Bank’s mission of “bringing joy to everyone’s financial journey”. “At WeLab Bank, we believe the power of social is an irreversible trend. We spice up the traditional customer referral program with innovative ideas and social element. To reward customers for their loyalty, we make it possible to let customers introduce our holistic and intelligent digital banking experience to their friends while earning rewards in a fun way. We want to break the stereotype of banking services in people’s mind, and encourage them to find joy in their financial journey.”For details about R Friends Referral Campaign, please refer <a href="https://www.welab.bank/en/feature/mgm-2021/">here</a>, or click <a href="https://www.youtube.com/watch?v=_Mn7lYEQ4zw">here</a>to view video.Remark:*Terms and conditions apply。For details, please refer <a href="https://www.youtube.com/watch?v=_Mn7lYEQ4zw">here</a>.---- END ----About WeLab BankWelab Bank Limited (“WeLab Bank” or the “Bank”), is a homegrown virtual bank licensed by the Hong Kong Monetary Authority (“HKMA”). Founded by a team of financial and technology experts, WeLab Bank’s mission is to understand customers’ needs and design a personalized, intelligent banking experience that helps them manage, save and grow their money. WeLab Bank represents a 100% digital banking experience that is simple, intuitive, and built around our customers. WeLab Bank focuses on the powerful mobile app and the numberless Debit Card, both designed with an obsession with customers’ experience and data security.WeLab Bank is a wholly owned subsidiary of WeLab Holdings Limited (“WeLab”), a leading fintech company in Asia.To learn more, please visit: www.welab.bank or follow WeLab Bank on Instagram: welab.bankAbout WeLabWeLab, a leading fintech company in Asia, operates one of the first licensed digital banks in Asia - WeLab Bank, as well as multiple online financial services with leading positions in Hong Kong, Mainland China, and Indonesia, with close to 50 million individual users and over 700 enterprise customers. WeLab uses game-changing technology to help customers access credit, save money, and enjoy their financial journey.Powered by proprietary risk management technology, patented privacy computing techniques, and advanced AI capabilities, WeLab offers mobile-based consumer financing solutions and digital banking services to retail individuals and technology solutions to enterprise customers.WeLab operates in three markets under seven key brands, including WeLend and WeLab Bank in Hong Kong, WeLab Digital (我来数科), Taoxinji (淘新机), Wallet Gugu (钱夹谷谷), and Tianmian Tech (天 冕科技) in Mainland China and Maucash in Indonesia.WeLab is backed by the most renowned investors including Allianz, China Construction Bank International, International Finance Corporation (a member of the World Bank Group), Malaysian sovereign wealth fund Khazanah Nasional Berhad, CK Hutchison’s TOM Group, and Sequoia Capital.To learn more, please visit: www.welab.co, follow WeLab on LinkedIn and FacebookMedia Enquiry： Corporate Communications Team Email: wemedia@welab.bank

Sits Back to Earn up to HKD5,000 Referral Rewards; Wins Weekly Draw for HKD5,000 Rebates and Finale Draw for HKD100,000 Rebates

WeLab Bank “R Friends Referral Campaign” Gives Away Multi-wave Rewards

Hong Kong, 15 June, 2021 - WeLab Bank, a homegrown virtual bank authorized by the Hong Kong Monetary Authority, today brings its customers Apple Pay, a safer, more secure and private way to pay that helps customers avoid handing their payment card to someone else, touching physical buttons or exchanging cash — and uses the power of iPhone to protect every transaction.<p class="image-container text-center" data-img-alt="WeLab Bank Apple Pay KV EN.png" data-img-format="center" data-img-id="251" data-img-max-width="0" data-img-src="/media/images/WeLab_Bank_Apple_Pay_KV_EN.width-500.jpg" element-type="image"><img alt="WeLab Bank Apple Pay KV EN.png" src="/media/images/WeLab_Bank_Apple_Pay_KV_EN.width-500.jpg" style="width: auto; height: auto; max-width: max(100%, 0px)"/>Customers simply hold their iPhone or Apple Watch near a payment terminal to make a contactless payment. Every Apple Pay purchase is secure because it is authenticated with Face ID, Touch ID, or device passcode, as well as a one-time unique dynamic security code. Apple Pay is accepted in grocery stores, pharmacies, taxis, restaurants, coffee shops, retail stores, and many more places. Customers can also use Apple Pay on iPhone, iPad, and Mac to make faster and more convenient purchases in apps or on the web in Safari without having to create accounts or repeatedly type in shipping and billing information.Apple Pay makes it easier to pay for food and grocery deliveries, online shopping, transportation, and parking, among other things. Apple Pay can also be used to make payments in apps on Apple Watch. Security and privacy are at the core of Apple Pay. When customers use a credit or debit card with Apple Pay, the actual card numbers are not stored on the device, nor on Apple servers. Instead, a unique Device Account Number is assigned, encrypted, and securely stored in the Secure Element, an industry-standard, certified chip designed to store the payment information safely on the device. Apple Pay is easy to set up.On iPhone, simply open the Wallet app, tap +, and follow the steps to add WeLab Debit Card. Once a customer adds a card to iPhone, Apple Watch, iPad, and Mac, they can start using Apple Pay on that device right away. Customers will continue to receive all of the rewards and benefits offered by the WeLab Bank debit card. For more information on Apple Pay, visit: <a href="http://www.apple.com/hk/en/apple-pay/">http://www.apple.com/hk/en/apple-pay/</a>. For more information on WeLab Bank, please visit http://<a href="http://www.welab.bank/">www.welab.bank</a> or follow WeLab Bank on Instagram: welab.bank---- END ----About WeLab BankWelab Bank Limited (“WeLab Bank” or the “Bank”), is a homegrown virtual bank licensed by the Hong Kong Monetary Authority (“HKMA”). Founded by a team of financial and technology experts, WeLab Bank’s mission is to understand customers’ needs and design a personalized, intelligent banking experience that helps them manage, save and grow their money. WeLab Bank represents a 100% digital banking experience that is simple, intuitive, and built around our customers. WeLab Bank focuses on the powerful mobile app and the numberless Debit Card, both designed with an obsession with customers’ experience and data security.WeLab Bank is a wholly owned subsidiary of WeLab Holdings Limited (“WeLab”), a leading fintech company in Asia.To learn more, please visit: www.welab.bank or follow WeLab Bank on Instagram: welab.bankAbout WeLabWeLab, a leading fintech company in Asia, operates one of the first licensed digital banks in Asia - WeLab Bank, as well as multiple online financial services with leading positions in Hong Kong, Mainland China, and Indonesia, with close to 50 million individual users and over 700 enterprise customers. WeLab uses game-changing technology to help customers access credit, save money, and enjoy their financial journey.Powered by proprietary risk management technology, patented privacy computing techniques, and advanced AI capabilities, WeLab offers mobile-based consumer financing solutions and digital banking services to retail individuals and technology solutions to enterprise customers.WeLab operates in three markets under seven key brands, including WeLend and WeLab Bank in Hong Kong, WeLab Digital (我来数科), Taoxinji (淘新机), Wallet Gugu (钱夹谷谷), and Tianmian Tech (天冕科技) in Mainland China and Maucash in Indonesia.WeLab is backed by the most renowned investors including Allianz, China Construction Bank International, International Finance Corporation (a member of the World Bank Group), Malaysian sovereign wealth fund Khazanah Nasional Berhad, CK Hutchison’s TOM Group, and Sequoia Capital.To learn more, please visit: <a href="http://www.welab.co/">www.welab.co</a>, follow WeLab on LinkedIn and Facebook.Media Enquiry： Corporate Communications Team Email: wemedia@welab.bank

A safer, more secure and private way to pay with iPhone and Apple Watch

WeLab Bank Brings Apple Pay to Customers

7 June 2021, Hong Kong - WeLab Bank, a homegrown virtual bank in Hong Kong, announced that its total number of customers surpassed 100,000! Riding on the strong momentum in customer growth in the first half of 2021, the Bank aims to double its base to 200,000 by the end of the year. To thank its customers, the Bank is rolling out a “HKD100,000 Rebate Campaign”*, giving away a total of HKD100,000 spending rebate to 10 lucky customers! Moreover, the Bank has also raised the interest rate of GoSave 3-month Time Deposit to 1%, making it one of the highest interest rate and flexibility in the market. The move is to celebrate this meaningful milestone with its customers!<p class="image-container text-center" data-img-alt="WeLab Bank Customer Base Surpasses 100,000_KV_EN.jpg" data-img-format="center" data-img-id="247" data-img-max-width="0" data-img-src="/media/images/WeLab_Bank_Customer_Base_Surpasses_100000_KV_E.width-500.jpg" element-type="image"><img alt="WeLab Bank Customer Base Surpasses 100,000_KV_EN.jpg" src="/media/images/WeLab_Bank_Customer_Base_Surpasses_100000_KV_E.width-500.jpg" style="width: auto; height: auto; max-width: max(100%, 0px)"/>*Terms &amp; Conditions apply.Tat Lee, Chief Executive of WeLab Bank, said, “We achieved the target of 100,000 customers, reflecting that the Bank’s digital banking services are well recognized by the market. By the end of 2021, we aim to double our customer base to 200,000, which amounts to 5 times the customer base at the end of 2020. We are looking forward to providing more customers with a holistic, intelligent digital banking experience, and exemplify our financial inclusion philosophy by bringing a full range of banking services to customers.”“HKD100,000 Rebate Campaign”To celebrate this occasion, WeLab Bank has launched the “HKD100,000 Rebate Campaign”. WeLab Bank customers only need to take three simple steps to become eligible. For details, please refer to the campaign announcement post on WeLab Bank’s official Instagram page.In four consecutive days starting from 15 June, WeLab Bank will randomly select 10 eligible customers in total to offer each of them a HKD10,000 spending rebate on their WeLab Debit Card! The chance of winning increases progressively everyday^, customers not selected will be automatically rolled over to the lucky draw on the next day. The offer can be used in conjunction with other spending rebates and rewards! The results of the lucky draws will be announced at 6pm everyday on WeLab Bank’s official Instagram page, stay tuned!GoFlexi Personal Loan well received by the marketLast month, WeLab Bank launched its first loan product, GoFlexi** a personal instalment loan at tenors from 6 months to 60 months. In addition, the Bank also offers a “GoFlexi-Link^^” promotion where customers can enjoy an Annualized Percentage Rate (“APR”) as low as 1.68% on loans and earn interest rebate at a matching rate that links with the customer’s WeLab Bank Core Account balance. GoFlexi-Link enables the general public to “borrow low, save high” and gain access to a high rate of interest rebate and financial flexibility at the same time.GoFlexi loan applications amounting to HKD140 million were received within two weeks since its launch. 80% of all approved loans enjoy the lowest APR of 1.68%. Tat Lee believes that the beauty of GoFlexi and GoFlexi-Link lies in their flexibility. “Currently in the market, financial products integrating deposits and loans are generally available for property owners only. However, with GoFlexi and GoFlexi-Link, all customers can enjoy extra funds at low interest rate while earning high interest rebate for deposits. Many customers found the groundbreaking feature of GoFlexi-Link practical as it is game-changing in personal loan market which better serves their financial needs.”GoSave Time Deposit increases interest rate to 1%With its socially-driven feature, GoSave Time Deposit# has been well received by customers since its launch last year. Till now, more than 1,500 “GoSave Minibuses”, each carrying 50-100 depositors, have begun; 47% of GoSave Time Deposit active depositors are repeated GoSave users. To show gratitude for customers’ long-time support, WeLab Bank has increased the interest rate of GoSave Time Deposit to 1%, offering customers one of the highest rates in the market.WeLab Bank is gaining traction day by day. Going forward, the Bank will continue to introduce a wider range of financial products for the market, working towards helping customers Manage, Save and Grow their money, and find joy in everyone’s financial journey.Remarks:* Terms &amp; Conditions apply. For details of HKD100,000 Rebate Campaign, please refer to <a href="https://www.welab.bank/en/legal/100k-giveaway-terms-and-conditions">here</a>. ^ Winning quota for day 1 is one, day 2 is two, day 3 is three, day 4 is four. # Terms &amp; Conditions apply. For details of GoSave Time Deposit, please refer to <a href="https://www.welab.bank/en/legal/gosave-terms-and-conditions/">here</a>. ** Terms &amp; Conditions apply. For details of GoFlexi Personal Instalment Loan, please refer to <a href="https://www.welab.bank/en/legal/loan-terms-and-conditions/">here</a>. ^^ Terms &amp; Conditions apply. For details of GoFlexi-Link Offer, please refer to <a href="https://www.welab.bank/en/legal/goflexi-link-offer-terms-and-conditions/">here</a>.---- END ----About WeLab BankWelab Bank Limited (“WeLab Bank” or the “Bank”), is a homegrown virtual bank licensed by the Hong Kong Monetary Authority (“HKMA”). Founded by a team of financial and technology experts, WeLab Bank’s mission is to understand customers’ needs and design a personalized, intelligent banking experience that helps them manage, save and grow their money. WeLab Bank represents a 100% digital banking experience that is simple, intuitive, and built around our customers. WeLab Bank focuses on the powerful mobile app and the numberless Debit Card, both designed with an obsession with customers’ experience and data security.WeLab Bank is a wholly owned subsidiary of WeLab Holdings Limited (“WeLab”), a leading fintech company in Asia.To learn more, please visit: www.welab.bank or follow WeLab Bank on Instagram: welab.bankAbout WeLabWeLab, a leading fintech company in Asia, operates one of the first licensed digital banks in Asia - WeLab Bank, as well as multiple online financial services with leading positions in Hong Kong, Mainland China, and Indonesia, with close to 50 million individual users and over 700 enterprise customers. WeLab uses game-changing technology to help customers access credit, save money, and enjoy their financial journey.Powered by proprietary risk management technology, patented privacy computing techniques, and advanced AI capabilities, WeLab offers mobile-based consumer financing solutions and digital banking services to retail individuals and technology solutions to enterprise customers.WeLab operates in three markets under seven key brands, including WeLend and WeLab Bank in Hong Kong, WeLab Digital (我来数科), Taoxinji (淘新机), Wallet Gugu (钱夹谷谷), and Tianmian Tech (天冕科技) in Mainland China and Maucash in Indonesia.WeLab is backed by the most renowned investors including Allianz, China Construction Bank International, International Finance Corporation (a member of the World Bank Group), Malaysian sovereign wealth fund Khazanah Nasional Berhad, CK Hutchison’s TOM Group, and Sequoia Capital.To learn more, please visit: <a href="http://www.welab.co/">www.welab.co</a>, follow WeLab on LinkedIn and Facebook.Media Enquiry：Corporate Communications Team Email: wemedia@welab.bank

WeLab Bank Customer Base Surpasses 100,000 Gives Away HKD100,000 Spending Rebate Raises GoSave Interest Rate to 1%

Hong Kong, 18 May 2021 - WeLab Bank, a homegrown virtual bank licensed by the Hong Kong Monetary Authority, today announces the launch of its first loan product, GoFlexi. GoFlexi is a personal instalment loan ranging from HK$10,000 to HK$1,000,000, at tenors from 6 months to 60 months. <p class="image-container text-center" data-img-alt="WeLab_Bank_GoFlexi KV_EN.png" data-img-format="center" data-img-id="245" data-img-max-width="0" data-img-src="/media/images/WeLab_Bank_GoFlexi_KV_EN.width-500.png" element-type="image"><img alt="WeLab_Bank_GoFlexi KV_EN.png" src="/media/images/WeLab_Bank_GoFlexi_KV_EN.width-500.png" style="width: auto; height: auto; max-width: max(100%, 0px)"/>First in Hong Kong** - GoFlexi-Link Launch PromotionFrom now to 17 July 2021, WeLab Bank is offering a ‘GoFlexi-Link’ promotion where customers can enjoy an Annualized Percentage Rate (“APR”) as low as 1.68%* on loans and earn interest rebate at a matching rate that links with the customer’s WeLab Bank Core Account balance. One rate two ways, customers can earn interest rebate on the monthly average Core Account balance at the same loan interest rate, capped at 5.0%^ p.a. on 50% of the outstanding loan amount^^. GoFlexi-Link promotion details are as follow:<ul><li>Eligibility: Customers with loan drawdown within the promotional period</li><li>Loan amount: HK$100,000 or above</li><li>Tenor: 12 months or above</li></ul>Up to HK$600 Extra Cash Rebate for new WeLab Bank customersIn addition, new WeLab Bank customers will receive a HK$200 instant cash reward# upon bank account opening by using the referral code ‘LINK20’ and all customers who successfully draw down a GoFlexi loan will be entitled to an extra cash rebate of HK$400#, regardless of loan amount. WeLab Bank is dedicated to serve Hong Kong people by addressing their pain points of needing to manage, save, and grow their money. Following the launch of the well-received GoSave time deposit and WeLab Debit Card in 2020, the new GoFlexi is built to shake up lending and saving, free from legacies, for a re-imagined banking experience. The new GoFlexi-Link promotion offers consumers the opportunity to save interest expense and allows flexibility in financial management.Tat Lee, Chief Executive of WeLab Bank said, “The debut of GoFlexi and the GoFlexi-Link promotion fully demonstrates our deep obsession with integration of WeLab Bank products to offer an intelligent and holistic digital-first banking experience to customers. With our customer-centric approach, we bring to the market a new loan promotion that gives customers greater flexibility and to borrow at a low rate and save at a high rate. One Rate Two Ways. Truly one of a kind in the Hong Kong market today!”To borrow or not to borrow? Borrow only if you can repay!Remarks:* The Annualized Percentage Rate (“APR”) of 1.68% is calculated based on a loan amount of HKD100,000 or above and repayment tenor of 12 months or above. For a loan amount of HKD100,000 with 24 months repayment tenor, the monthly flat rate is 0.08%. This APR does not include interest rebate. The above rate is for reference only and subject to credit approval, please refer to terms and conditions for details.** Based on market research conducted on 7th May 2021 regarding digital experience for Personal Instalment Loan APR linked with Deposit interest rate.^ The interest rebate rate is equal to the Annualized Percentage Rate (“APR”) of the Loan after deducting the basic interest rate applicable to the Core Account of the Eligible Customer Core Account Interest Rate. The sum of interest rebate rate and Core Account Interest Rate shall not exceed 5%.^^ Applicable deposit balance of a calendar month shall be capped at 50% of the outstanding amount of the Loan based on the last day of the preceding calendar month.# GoFlexi Cash Rebate Offer Terms and Conditions apply. For details please refer to the official website of WeLab Bank. About WeLab BankWelab Bank Limited (“WeLab Bank” or the “Bank”), is a homegrown virtual bank licensed by the Hong Kong Monetary Authority (“HKMA”). Founded by a team of financial and technology experts, WeLab Bank’s mission is to understand customers’ needs and design a personalized, intelligent banking experience that helps them manage, save and grow their money. WeLab Bank represents a 100% digital banking experience that is simple, intuitive, and built around our customers. WeLab Bank focuses on the powerful mobile app and the numberless Debit Card, both designed with an obsession with customers’ experience and data security. WeLab Bank is a wholly owned subsidiary of Welab Holdings Limited (“WeLab”), a leading fintech company in Asia. To learn more, please visit: <a href="http://www.welab.bank/">www.welab.bank</a> or follow WeLab Bank on Instagram: welab.bankAbout WeLabWeLab, a leading fintech company in Asia, operates one of the first licensed digital banks in Asia - WeLab Bank, as well as multiple online financial services with leading positions in Hong Kong, Mainland China, and Indonesia, with close to 50 million individual users and over 700 enterprise customers. WeLab uses game-changing technology to help customers access credit, save money, and enjoy their financial journey.Powered by proprietary risk management technology, patented privacy computing techniques, and advanced AI capabilities, WeLab offers mobile-based consumer financing solutions and digital banking services to retail individuals and technology solutions to enterprise customers.WeLab operates in three markets under seven key brands, including WeLend and WeLab Bank in Hong Kong, WeLab Digital (我来数科), Taoxinji (淘新机), Wallet Gugu (钱夹谷谷), and Tianmian Tech (天冕科技) in Mainland China and Maucash in Indonesia.WeLab is backed by the most renowned investors including Allianz, China Construction Bank International, International Finance Corporation (a member of the World Bank Group), Malaysian sovereign wealth fund Khazanah Nasional Berhad, CK Hutchison’s TOM Group, and Sequoia Capital.To learn more, please visit: <a href="http://www.welab.co/">www.welab.co</a>, follow WeLab on LinkedIn and Facebook.For media enquiries:Email: wemedia@welab.bank

And First in Hong Kong** - ‘GoFlexi-Link’ promotion which links with Core Account balance. New customers enjoy HK$600 cash rebate upon successful account opening and loan draw down

WeLab Bank launches ‘GoFlexi’ personal instalment loan at low APR of 1.68%*

<p class="image-container text-center" data-img-alt="Allianz_PR_EN.jpg" data-img-format="center" data-img-id="217" data-img-max-width="0" data-img-src="/media/images/Allianz_PR_EN.width-500.jpg" element-type="image"><img alt="Allianz_PR_EN.jpg" src="/media/images/Allianz_PR_EN.width-500.jpg" style="width: auto; height: auto; max-width: max(100%, 0px)"/><ul><li>WeLab’s focus on technology and innovation in building a pan-Asian digital financial services platform complements Allianz’s expansion strategy with technology-focused partners in the region</li><li>Allianz and WeLab have established a strategic partnership with plans to develop and distribute investment and insurance solutions</li><li>WeLab Bank and Allianz Global Investors (AllianzGI) intend to enter into a strategic cooperation in digital wealth management and financial services. Once implemented, WeLab Bank will be the first digital bank to deploy this wealthtech advisory technology in Asia</li></ul>Hong Kong, 8 March 2021 – WeLab, a leading fintech company in Asia, today announced it has completed the initial close of Series C-1 funding, led by Allianz X for US$75 million. Allianz X is the digital investment unit of the Germany-based Allianz Group, one of the world’s largest insurers and asset managers. Since inception in 2013, WeLab has raised more than US$600 million of strategic financing from the world’s most renowned investors. WeLab and Allianz have also established a strategic partnership to drive fintech collaboration across Asia’s financial services landscape. The new funding, together with Allianz partnership, will bolster the acceleration of WeLab’s pan-Asian growth strategy and expansion of digital financial services.WeLab operates multiple online financial services with leading positions in Hong Kong, Mainland China, and Indonesia including digital banking and consumer finance businesses, with close to 50 million individual users and over 600 enterprise customers. As Asia sails into the digital banking revolution and many countries in the region are in the process of studying or implementing digital banking frameworks. WeLab is ahead of the curve, spearheading the new age of banking operating WeLab Bank in Hong Kong — one of the first fully-licensed digital banks in Asia since obtaining its license in early 2019. With its unique market knowledge and extensive network, WeLab is perfectly positioned in this strategic partnership with Allianz to take advantage of the vast opportunities in Asia where its total addressable market size for financial services is close to US$3 trillion in annual revenue.WeLab has achieved significant milestones in the increasingly digital COVID eraIn the COVID era, the market is rapidly evolving, with accelerated digital adoption as one of the outcomes. The pandemic has transformed people’s money habits across their financial journey. The boom in digital services adoption plays into WeLab’s strength in fintech services. WeLab has emerged stronger from the pandemic with multiple businesses achieving significant milestones in the past year. For example:<ul><li>Fueled by increased digital adoption in online financial services, WeLab’s user base grew by 20% YoY, adding around 10 million users to the current 50 million user base, the largest user growth in recent years;</li><li>Launching a digital-only bank during the third wave of pandemic in Hong Kong proved to be extremely timely, with WeLab Bank garnering strong traction during its first 6 months of operations;</li><li>WeLend, Hong Kong’s largest pure online lending platform, outperformed the market by 70% during the year to achieve its all-time record high sales volume, at a time where traditional branch operating hours and business model were severely hampered;</li><li>WeLab’s B2B enterprise solution platform in Mainland China doubled the number of business partners from 300 to over 600 as financial institutions move towards online financial services;</li><li>In Indonesia, the mobile lending platform Maucash continues to scale with increased brand recognition and popularity of online financial services in Indonesia, achieving over 6x YoY volume growth.</li></ul>Partnership will accelerate growth of WeLab’s pan-Asian financial services footprintWith this round of investment and new cooperation, WeLab aims to combine its advanced digital banking technology capabilities and market know-how with Allianz’s expertise in insurance and asset management, the two partners aim to holistically improve people’s financial wellbeing. The broader strategic cooperation between WeLab and Allianz will continue to develop over time and encompasses two key areas:<ol><li>The rollout of pioneering digital wealth management in Asia: WeLab Bank and Allianz Global Investors (AllianzGI) intend to enter into a strategic cooperation in digital wealth management and financial services. WeLab Bank is looking into developing and distributing digital wealth management solutions with AllianzGI, a global asset manager under Allianz, with assets under management of over EUR 582 billion*. These would aim to bridge the significant unmet investment needs in Asia, a region where only 27% of the population use financial advisors, resulting in a sizable under-advised population of over 3.4 billion. Once implemented, WeLab Bank will be the first digital bank to deploy this wealthtech advisory technology in Asia. The plan is to roll out these wealth management services to new digital customers in Hong Kong and later to the Guangdong-Hong Kong-Macau Greater Bay Area (GBA), through Wealth Management Connect, reaching the 72 million population in one of the world’s wealthiest megalopolis.</li><li>New markets and new products: development and distribution of investment and insurance solutions: WeLab recognizes opportunities to widen the regional scope of its financial service offerings to other markets in which Allianz operates. For example, in the booming digital Southeast Asian economies, there are around 400 million active internet users, but over 70% of the total population is either unbanked or underbanked. There is, therefore, a lot of potential to expand the cooperation. The two companies are exploring opportunities to offer new digital investment and insurance products in the region, combining Allianz’s expertise in investment and insurance and WeLab’s network of customers and technology.</li></ol>Simon Loong, Founder &amp; Group CEO of WeLab, said, “We are thrilled to welcome Allianz as an investor and strategic partner to the WeLab Group. We see this as a first-in-market 4-way partnership where there are abundant synergies between WeLab, as a fintech leader and a pioneer in digital banking, and Allianz, as a global insurer and asset manager. More importantly, both companies share a vision on delivering advanced technology solutions to customers in Asia. Today, we announce both the new round of funding and a strategic partnership in wealthtech and banking at WeLab Bank. We look forward to expanding WeLab’s geographical presence and bringing our technology into these new markets with Allianz. We will be expediting our hiring this year, aiming to add around 100 hires, as investing in people and culture will be key to support future growth.”Nazim Cetin, CEO of Allianz X, said, “In a relatively short amount of time, WeLab has built up a powerful platform for digital financial services and achieved excellent access to retail and business customers in Asia, a region of strategic importance for Allianz. WeLab’s high-performance technology platform, in particular, makes it a unique fintech in the Asian markets. The investment in WeLab is a promising one for Allianz both economically and strategically. We look forward to leveraging our strategic partnership with WeLab and the business potential in the region.”Desmond Ng, Head of Asia Pacific at Allianz Global Investors, said, “Asia is home to some of the most dynamic wealth management and banking markets of the world. Hong Kong, in particular, is a significant market for us. With the second-highest bank deposits per capita in the world, it is a very attractive wealth management market. The potential strategic cooperation with WeLab presents an exciting opportunity for Allianz Global Investors as an integral part of our growth strategy in Asia.”Existing investors also participated in this round, reflecting their continued conviction and confidence in WeLab. The Series C-1 round remains ongoing, with the final close expected in the coming months. About WeLabWeLab, a leading fintech company in Asia, operates one of the first licensed digital banks in Asia - WeLab Bank, as well as multiple online financial services with leading positions in Hong Kong, Mainland China, and Indonesia, with close to 50 million individual users and over 600 enterprise customers. WeLab uses game-changing technology to help customers access credit, save money, and enjoy their financial journey.Powered by proprietary risk management technology, patented privacy computing techniques, and advanced AI capabilities, WeLab offers mobile-based consumer financing solutions and digital banking services to retail individuals and technology solutions to enterprise customers.WeLab operates in three markets under seven key brands, including WeLend and WeLab Bank in Hong Kong, WeLab Digital (我来数科), Taoxinji (淘新机), Wallet Gugu (钱夹谷谷), and Tianmian Tech (天冕科技) in Mainland China and Maucash in Indonesia.WeLab is backed by the most renowned investors including Allianz, China Construction Bank International, International Finance Corporation (a member of the World Bank Group), Malaysian sovereign wealth fund Khazanah Nasional Berhad, CK Hutchison’s TOM Group, and Sequoia Capital.To learn more about WeLab, please visit: <a href="http://www.welab.co/">www.welab.co</a>, or follow WeLab on LinkedIn and Facebook.About Allianz XAllianz X invests in digital frontrunners in ecosystems relevant to insurance and wealth management. As one of the pillars of Allianz Group’s digital transformation strategy, Allianz X provides an interface between Allianz Operating Entities and the broader digital ecosystem, enabling collaborative partnerships in insurtech, fintech, and beyond.For more information, please visit: <a href="https://www.allianzx.com/">https://www.allianzx.com/</a>About Allianz Global InvestorsAllianz Global Investors is a leading active asset manager with over 700 investment professionals in 25 offices worldwide and managing EUR 582 billion in assets for individuals, families and institutions*.We see investing as a journey and we seek to create value for our clients every step of the way. We invest for the long term, employing our global investment and risk capabilities and sustainable investing expertise to create innovative solutions that anticipate future needs. We believe in solving not selling – our goal is to elevate the investment experience for clients, wherever they are based and whatever their investment objectives.Active is: Allianz Global Investors*Source: Allianz Global Investors. Data as at 31 December 2020Media ContactsWeLab:WeLab Corporate Communications TeamEmail: pr@welab.coAllianz X:Gregor WillsTel: +49 89 3800 61313Email: gregor.wills@allianz.com

WeLab completes initial close of Series C-1 funding, led by Allianz X for US$75 million and announces strategic partnership

Hong Kong, 14 January 2021 - WeLab Bank, a homegrown virtual bank licensed by Hong Kong Monetary Authority, announces that Tat Lee has been appointed as Chief Executive. He succeeds Adrian Tse, who has stepped down from the role for personal reasons.Tat has close to two decades of retail banking and fintech experience and was most recently the Alternate Chief Executive and Executive Director of WeLab Bank. Tat is one of Hong Kong’s fintech pioneers, joining WeLab as employee number one back in 2013, at a time when fintech was still in its infancy. Over the last eight years, he has assumed a number of roles in WeLab including Head of Product and Risk Management and then later General Manager of WeLend. During his tenure at WeLend, the business grew from a start-up to becoming Hong Kong’s largest pure online lender platform powered by technology and AI.Since 2018, Tat has been strategically involved in building the foundation for WeLab Bank, from obtaining the virtual banking license to developing the business strategy as a dynamic, fast-growing organization with the vision of bringing innovative products that gives customer control of their own financial journey.Prior to joining WeLab, he held senior roles in leading international financial institutions, including HSBC and Standard Chartered Bank’s former consumer finance subsidiary, PrimeCredit.Professor KC Chan, Chairman of WeLab Bank said: “Tat is a dynamic leader with significant experience in growing businesses, with in-depth knowledge of Hong Kong and the fintech industry. We are delighted to have Tat lead WeLab Bank, scaling to the next level, beyond the initial launch. The future is bright for the energy that Tat brings to propel WeLab Bank’s development to greater heights in the long run.”Tat Lee, Chief Executive of WeLab Bank said: “Looking back on my experience in the fintech industry, I believe to revolutionize the banking experience, we must combine the power of people with the power of fintech. Through game-changing technologies such as AI and big data analytics, in line with the people-oriented concept, we are designing digital-first banking services. WeLab Bank is now in the most exciting new market opportunity, and I hope to open up a new era of virtual banking.”About WeLab BankWelab Bank Limited (“WeLab Bank” or the “Bank”), is a homegrown virtual bank licensed by the Hong Kong Monetary Authority (“HKMA”). Founded by a team of financial and technology experts, WeLab Bank’s mission is to understand customers’ needs and design a personalized, full-service banking experience that helps them manage and grow their money.WeLab Bank represents a 100% digital banking experience that is simple, intuitive, and built around our customers. WeLab Bank focuses on the powerful mobile app and the numberless Debit Card, both designed with obsession with customers’ experience and data security.WeLab Bank is a wholly owned subsidiary of Welab Holdings Limited (“WeLab”), a leading fintech company in Asia.To learn more, please visit: <a href="http://www.welab.bank/">www.welab.bank</a> or follow us on Instagram: welab.bankAbout WeLabFounded in 2013, WeLab uses game-changing technology to help customers access credit, save money, and enjoy their financial journey. Currently, WeLab serves over 47 million users and 600 enterprise customers across Hong Kong, Mainland China and Indonesia.Powered by proprietary risk management technology, patented privacy computing techniques and advanced AI capabilities, WeLab offers mobile-based consumer financing solutions and digital banking services to retail individuals and technology solutions to enterprise customers.WeLab operates in three markets under six key brands, including WeLend and WeLab Bank in Hong Kong, WeLab Digital (我来数科), Taoxinji (淘新机) and Tianmian Lab (天冕大数据实验室) in Mainland China and Maucash in Indonesia.WeLab’s investors include Malaysian sovereign wealth fund Khazanah Nasional Berhad, CK Hutchison’s TOM Group, International Finance Corporation (a member of the World Bank Group), Alibaba Entrepreneurs Fund, Sequoia Capital and ING Bank.To learn more, please visit: <a href="http://www.welab.co/">www.welab.co</a>, follow WeLab on LinkedIn and Facebook.For media enquiries: Corporate Communications Team Email: <a href="mailto:wemedia@welab.bank">wemedia@welab.bank</a>

WeLab Bank announces appointment of Tat Lee as new Chief Executive

By popular demand, the 8% cash rebate on WeLab Debit Card spending[1] will be extended to September Hong Kong – August 10, 2020 – WeLab Bank (“WeLab Bank” or the “Bank”), a homegrown virtual bank, has accumulated a total of over 10,000 applications since launching to the public less than 10 days ago. The need for a new generation of banking services seems stronger than ever amid the pandemic as customers are able to open accounts remotely anytime and anywhere in a secure and convenient way. WeLab Bank’s products have been well received by our customers since its launch, with more than 8,200 customers participating in GoSave time deposits to earn competitive interest rates. To show our appreciation for everyone’s support and overwhelming response, WeLab Bank will extend the 8% cash rebate1 offer on the WeLab Debit Card to the end of September this year.WeLab Bank is 100% digital, built for customers to enjoy a range of next generation digital services 24/7 from their mobile phones. In as fast as 5 minutes, customers can remotely open a WeLab Bank account with $0 monthly fee, and enjoy differentiated services such as interest-bearing deposit account and time deposits with competitive rates, immediately.Adrian Tse, Chief Executive of WeLab Bank said, “WeLab Bank is committed to promoting financial inclusion and building customer-centric products with superior experience. The experience from account opening to product experience is simple and popular across all age spectrums. Demographics wise, our customers are aged between 18 to 83, with over 70% between 20 to 39 years old. Our oldest customer who is 83 years old successfully opened an account within 5 minutes using a mobile phone. By leveraging our expertise in technology and product design, WeLab Bank is able to provide customers with an efficient experience. As a licensed bank regulated by the Hong Kong Monetary Authority, all our products and technology have passed a third-party independent assessment to ensure safety and reliability for our customers.In addition, more than 60% of customers are using two or more WeLab Bank products. More than 70% of customers have also used Faster Payment System (FPS) via the WeLab Bank app to make real-time payments to friends or merchants.Online spending with the WeLab Debit Card doubled since public launchContrary to traditional bank cards, upon account opening, a WeLab Debit Card is available for immediate use in the form of a virtual card in the WeLab Bank app. A physical card, which is issued in partnership with Mastercard and the first publicly launched numberless Debit Card in the market, will be available shortly after. Thanks to Mastercard’s fast, secure and reliable global network, WeLab Bank cardholders can enjoy a robust, multi-layered protection when making purchases.Among the customers who have used this card, more than 65% are frequent customers who often use WeLab Debit Card for transactions. Over the past ten days, nearly 60% of transactions are online transactions, in contrast to the WeLab Bank Pilot period where only 30% of the transactions were made online. The 8% cash rebate[1] on WeLab Debit Card has received overwhelming response. To thank our customer for the strong support, the cash rebate offer will be extended to the end of September.More than 8,200 customers have participated in the attractive GoSave time deposit, backed with the assurance of deposit protection.WeLab Bank is a member of the Deposit Protection Scheme (DPS), where eligible deposits taken by WeLab Bank are protected by the Scheme up to a limit of HKD500,000 per depositor.GoSave is Hong Kong’s first savings product that harnesses the power of the community. Customers can benefit from higher interest rate as more people join each GoSave group. GoSave is driving financial inclusion by differentiating from traditional time deposit products where higher interest rates are only reserved for large-amount deposits or select customers, whereas all GoSave customers can start from just HKD10 – and have the flexibility to withdraw their funds at any time without additional fees.Since launching GoSave, a total of 137 GoSave minibuses have commenced with more than 8,200 customers participating, of which ~25% have joined more than one GoSave minibus.Adrian Tse added, “The pandemic has created challenges for many industries. While some banks have shortened their branch banking hours, WeLab Bank continues to provide a refreshing banking experience to the Hong Kong people efficiently. WeLab Bank is fully digital and everything can be done simply from their phone. Customers can open an account anytime, anywhere in as fast as 5 minutes, immediately use the virtual Debit Card to earn cash rebates, and board the GoSave minibus to earn competitive interest rates. The experience is simple and straightforward!”<p class="image-container text-center" data-img-alt="WeLab 10K Infographic_EN_FINAL.png" data-img-format="center" data-img-max-width="0" data-img-src="/media/images/WeLab_10K_Infographic_EN_FINAL.width-500.png" element-type="image"><img alt="WeLab 10K Infographic_EN_FINAL.png" src="/media/images/WeLab_10K_Infographic_EN_FINAL.width-500.png" style="width: auto; height: auto; max-width: max(100%, 0px)"/>[1] The maximum aggregated transaction amount eligible for the cash rebate shall be capped at HKD 3,000 for the entire Offer Period. For details, please refer to the relevant terms and conditions.-- END --About WeLab BankWelab Bank Limited (“WeLab Bank” or the “Bank”), is a homegrown virtual bank licensed by the Hong Kong Monetary Authority (“HKMA”). Founded by a team of financial and technology experts, WeLab Bank’s mission is to understand customers’ needs and design a personalized, full-service banking experience that helps them manage and grow their money.WeLab Bank represents a 100% digital banking experience that is simple, intuitive and built around our customers. WeLab Bank focuses on the powerful mobile app and the numberless Debit Card, both designed with obsession with customers’ experience and data security.WeLab Bank is a wholly owned subsidiary of WeLab Holdings Limited (“WeLab”), a leading fintech company in Asia.To learn more, please visit: <a href="http://www.welab.bank/">www.welab.bank</a> or follow us on Instagram: welab.bankAbout WeLabFounded in 2013, WeLab uses game-changing technology to help customers access credit, save money, and enjoy their financial journey. Currently, WeLab serves over 46 million users and 300 enterprise customers across Hong Kong, Mainland China and Indonesia.Powered by proprietary risk management technology, patented privacy computing techniques and advanced AI capabilities, WeLab offers mobile-based consumer financing solutions and digital banking services to retail individuals and technology solutions to enterprise customers.WeLab operates in three markets under six key brands, including WeLend and WeLab Bank in Hong Kong, WeLab Digital (我来数科), Taoxinji (淘新机) and Tianmian Lab (天冕大数据实验室) in Mainland China and Maucash in Indonesia.WeLab’s investors include Malaysian sovereign wealth fund Khazanah Nasional Berhad, CK Hutchison’s TOM Group, International Finance Corporation (a member of the World Bank Group), Alibaba Entrepreneurs Fund, Sequoia Capital and ING Bank.To learn more, please visit: <a href="http://www.welab.co/">www.welab.co</a>, follow WeLab on LinkedIn and Facebook.For media enquiries:Corporate Communications TeamTel: +852 3706 9379Email: wemedia@welab.bank

In less than 10 days since public launch, Hong Kong’s homegrown WeLab Bank has accumulated a total of over 10,000 applications

Offering 8% cash back on WeLab Debit Card spending[1] Hong Kong - 30 July, 2020 – WeLab Bank (“WeLab Bank” or the “Bank”), a homegrown virtual bank licensed by the Hong Kong Monetary Authority (“HKMA”) publicly launches banking services to the millions of individuals in Hong Kong.WeLab Bank is 100% digital, built for customers to enjoy a range of next generation digital services 24/7 from their mobile phones. In as fast as 5 minutes, customers can remotely open a WeLab Bank account with $0 monthly fees and start enjoying differentiated services such as time deposits with competitive rates, an interest-bearing deposit account with an instant virtual Debit Card, and real-time payments powered by Faster Payment System (FPS). To top it off, customers can also apply for a good-looking WeLab Debit Card, which is the first numberless card to publicly launch in the market, issued in collaboration with Mastercard. All these smart features are designed to help customers take control of their money and financial journey.<img alt="Hero shot_EN.png" src="/media/images/Hero_shot_EN.width-500.png" style="width: auto; height: auto; max-width: max(100%, 0px)"/>Adrian Tse, Chief Executive of WeLab Bank said, “The world has enough complexities and so we believe that managing your money should be simple and easy. Empowered by technologies built for the new normal, WeLab Bank was born from an initiative to reimagine the banking experience for the 7.5 million people of Hong Kong. We have efficiently built WeLab Bank from scratch, free from any legacies, with innovative features that proactively help you to take control of your financial journey. Everything you need to do can be done simply from your phone.”GoSave: Hong Kong’s first flexible, socially-driven savings productGoSave is Hong Kong’s first saving product that harnesses the power of the community. Customers can drive up the interest rate in a fun way with their family, friends, or the whole WeLab Bank community. More people joining GoSave means that customers can benefit from a higher interest rate of up to 4.5% p.a.[2] . As a demonstration of WeLab Bank’s commitment to promote financial inclusion, GoSave is differentiated from traditional time deposit products where higher interest rates are only reserved for large-amount deposits or select customers, whereas all GoSave users can start with as little as HKD10 – and have the flexibility to withdraw their funds at any time without additional fees[3].Doing things differently with the first numberless Debit Card publicly launched in the marketWeLab’s good-looking numberless Debit Card is designed for all spending and cash needs of the customers. Take it to a physical store to make purchases, shop online or even use it to withdraw cash from any JETCO ATMs in Hong Kong. Through our partnership with Mastercard, customers can gain access to millions of merchants globally, and even receive 8% cash rebate during the promotion period on their spending[1]. Most importantly, all card information can only be accessed securely from the WeLab Bank app. In just a few simple clicks, customers can conveniently access their bank account, view their Debit Card details, or easily report a lost card. Through instant notifications, we empower customers to be more financially aware of their activities. In the future, using big data analytics, we can reshape the way people engage with their bank and will continue to develop products and features that deliver value and delight to our customers.Tse added, “We see the physical WeLab card as a medium that enables the customers to perform different activities. You can use it as a debit card to access the ATM today but this is just the beginning to unlock endless possibilities, where it may also become the access card to the office, gym, carpark or even a credit card, all combined into one. The real power happens behind the scenes from the technology that powers the app on the mobile phone – that is the real remote control of the future”Harnessing the power of technology and delivering bank-grade securityWeLab Bank’s next-generation technology platform is built for the smartphone era. We take privacy seriously - deploying security features of the smartphones to protect our customers’ data, enhanced by adding smart technologies such as artificial intelligence and multi-factor authentication to give everyone an extra peace of mind. Like all banks in Hong Kong, WeLab Bank is regulated by the Hong Kong Monetary Authority and a member of the Deposit Protection Scheme, where eligible deposits taken by WeLab Bank are protected by the Scheme up to a limit of HKD500,000 per depositor.Tse added: “As Hong Kong’s homegrown virtual bank, we continue to aspire to improve lives through game-changing technology and innovation, just like the WeLab Group has been doing for the last 7 years in Hong Kong. As we shake up spending and saving, we will soon launch tailored products such as loan offerings to help customers manage their financial needs more holistically.”<p class="image-container text-center" data-img-alt="VB MCM Team photo-min.jpg" data-img-format="center" data-img-max-width="0" data-img-src="/media/images/VB_MCM_Team_photo-min.width-500.jpg" element-type="image"><img alt="VB MCM Team photo-min.jpg" src="/media/images/VB_MCM_Team_photo-min.width-500.jpg" style="width: auto; height: auto; max-width: max(100%, 0px)"/>[1] The maximum aggregated transaction amount eligible for the cash rebate shall be capped at HKD 3,000 for the entire Offer Period. For details, please refer to the relevant terms and conditions.[2] The above interest rates are applicable as of the date of this press release. 1.5% is the maximum eligible GoSave interest rate, and 3% is the additional preferential interest rate (&quot;interest rate boost&quot;). The interest rate boost is applicable to the first 10,000 customers within the promotion period and the maximum principal that is eligible for this interest rate boost is HKD 50,000 for a customer&#x27;s first 3-month GoSave time deposit. The interest rates are subject to change as per prevailing market conditions. For details, please refer to the relevant terms and conditions.[3] Subject to a maximum withdrawal of 2 times during the tenor. For details, please refer to the relevant terms and conditions.-- END --About WeLab BankWelab Bank Limited (“WeLab Bank” or the “Bank”), is a homegrown virtual bank licensed by the Hong Kong Monetary Authority (“HKMA”). Founded by a team of financial and technology experts, WeLab Bank’s mission is to understand customers’ needs and design a personalized, full-service banking experience that helps them manage and grow their money.WeLab Bank represents a 100% digital banking experience that is simple, intuitive and built around our customers. WeLab Bank focuses on the powerful mobile app and the numberless Debit Card, both designed with obsession with customers’ experience and data security.WeLab Bank is a wholly owned subsidiary of WeLab Holdings Limited (“WeLab”), a leading fintech company in Asia.For more information, please visit: <a href="http://www.welab.bank/">www.welab.bank</a> or follow us on Instagram: welab.bankAbout WeLabFounded in 2013, WeLab uses game-changing technology to help customers access credit, save money, and enjoy their financial journey. Currently, WeLab serves over 45 million users and 300 enterprise customers across Hong Kong, Mainland China and Indonesia.Powered by proprietary risk management technology, patented privacy computing techniques and advanced AI capabilities, WeLab offers mobile-based consumer financing solutions and digital banking services to retail individuals and technology solutions to enterprise customers.WeLab operates in three markets under six key brands, including WeLend and WeLab Bank in Hong Kong, WeLab Digital (我来数科), Taoxinji (淘新机) and Tianmian Lab (天冕大数据实验室) in Mainland China and Maucash in Indonesia.WeLab’s investors include Malaysian sovereign wealth fund Khazanah Nasional Berhad, CK Hutchison’s TOM Group, International Finance Corporation (a member of the World Bank Group), Alibaba Entrepreneurs Fund, Sequoia Capital and ING Bank.For more information, please visit: <a href="http://www.welab.co/">www.welab.co</a>For media enquiries:Corporate Communications TeamTel:<a href="tel:+852 3706 9379">+852 3706 9379</a>Email: <a href="mailto:wemedia@welab.bank">wemedia@welab.bank</a>

Hong Kong’s homegrown WeLab Bank is now open to public!

Partnership delivers a secure, simple, intuitive, customer-centric and fully digital banking experienceHONG KONG, JULY 20, 2020 – Mastercard and WeLab Bank Limited (“WeLab Bank”), a homegrown virtual bank licensed by the Hong Kong Monetary Authority (“HKMA”), today announced a partnership to launch a numberless bank card that is part of a simple, intuitive and fully digital banking service that specifically caters to the tech-savvy needs and lifestyles of people all over Hong Kong.While WeLab Bank services are purposely designed to be 100 percent operated from the mobile phone, a physical card may have wider acceptance and provide added convenience to consumers’ daily lives, such as when making payments at certain merchants or withdrawing cash. Unlike traditional bank cards, the WeLab Debit Card is available for use immediately after opening a WeLab Bank account in the form of a virtual card from the WeLab Bank app, followed by the delivery of a physical card.The physical card is also good-looking and sleek, adopting a minimalist design with only the embedded multi-functional chip and cardholder’s name to complement the Mastercard and WeLab Bank logos, with all other information accessed safely from the mobile app. This is made possible by Mastercard’s fast, secure and reliable global network, providing WeLab Bank cardholders with robust, multi-layered protection when making purchases. Some highlights are:<ul><li>Private and secure – No card number, no card verification code (CVC2), no expiry date displayed on the physical card. Everything can be accessed privately and securely from within the WeLab Bank app.</li><li>Hassle-free lost card reporting – Simply open the WeLab Bank app and tap on “report lost card” to deactivate the card immediately. New card credentials will be issued to customers shortly thereafter, allowing them to continue making transactions straight away.</li><li>No hidden fees – No annual card fee, no reissuance fees for lost card, and no hidden transaction fees.</li><li>Accepted everywhere – offline or online 24/7 – Purchase items offline with a simple tap of the card, or online by copying the debit card number located in WeLab Bank’s app and your order can be completed swiftly, even from 10,000 miles away!</li><li>Easy access to cash withdrawals – Withdraw cash from any JETCO ATM in Hong Kong</li></ul>Looking at the transactions processed over the last few months, over 51 percent of physical card transactions were for Food &amp; Beverages, followed by 31 percent for Groceries. Unsurprisingly, the daily average usage on weekends was about 1.5 times more than the volume on weekdays, consistent with the boost seen in restaurants since the most recent relaxation of social-distancing rules. Online transactions were much more diverse, with the top two categories – Food &amp; Beverage (leading at 31 percent) and Entertainment (13 percent) - accounting for just 44 percent compared to offline transactions where they totaled 82 percent. Both top categories are closely tied to the increased propensity to stay at home.Beyond local spending, over 30 percent of online transactions were processed by merchants outside of Hong Kong, powered by the worldwide acceptance and processing capabilities of Mastercard’s global network. Such data insights from customers’ behavior can further bolster WeLab Bank’s partnership with Mastercard, as well as the bank’s relationship with merchants, enabling them to deliver more relevant offers to customers.Ensuring further reliability for local consumers, WeLab Bank takes pride in being a homegrown virtual bank licensed by the HKMA and a member of the Deposit Protection Scheme, which means that customers’ eligible savings at WeLab Bank are protected up to a limit of HKD500,000 per depositor.“We want to empower the Hong Kong people by bringing them a more digital, secure and seamless banking experience, and it all starts with the card. We understand that people don’t want a traditional bank card, but a card that can bring excitement and fit with their daily lives. While Mastercard is a global leader in digital payments and WeLab Bank is a fintech pioneer entrenched in Hong Kong, we trust that our partnership combines the best of both worlds, allowing us to continue designing innovative tools for the future. We hope our customers enjoy using their gorgeous cards just as much as we have enjoyed building it.” said Adrian Tse, Chief Executive of WeLab Bank.“More and more Hong Kong people are adjusting their lifestyles to become technologically savvier. Understanding their evolving needs, Mastercard has partnered with WeLab Bank, a homegrown virtual bank that shares the Mastercard vision of providing a new digital banking experience where technology and innovation are the backbone. This collaboration also showcases Mastercard’s progressiveness as a leader in the payments industry, especially in safety and security, as well as its dedication in pushing forward the development of Hong Kong as a smart city,” said Helena Chen, Managing Director, Hong Kong and Macau, Mastercard.As a result of this collaboration between WeLab Bank and Mastercard, Hong Kong people will be able to embrace a digital lifestyle, enjoying a safe, secure and convenient banking experience.Photo caption:Helena Chen, Managing Director, Hong Kong and Macau, Mastercard, and Adrian Tse, Chief Executive of WeLab Bank, join hands to announce the launch of the numberless Debit Card to provide a simple, intuitive, customer-centric and fully digital banking experience, which caters to the tech-savvy needs and lifestyles of people all over Hong Kong.About WeLab Bank LimitedWeLab Bank Limited (“WeLab Bank” or the “Bank”), is a homegrown virtual bank licensed by the Hong Kong Monetary Authority (“HKMA”). Founded by a team of financial and technology experts, WeLab Bank’s mission is to understand customers’ needs and design a personalized, full-service banking experience that helps them manage and grow their money.WeLab Bank represents a 100% digital banking experience that is simple, intuitive and built around our customers. WeLab Bank is consisted of a powerful mobile app and a numberless Debit Card, both designed with obsession with customers’ experience and data security.WeLab Bank is a wholly owned subsidiary of WeLab Holdings Limited (“WeLab”), a leading fintech company in Asia.For more information, please visit: <a href="http://www.welab.bank/">www.welab.bank</a> or follow us on Instagram: welab.bankAbout Mastercard (NYSE: MA), <a href="http://www.mastercard.com/">www.mastercard.com</a>Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart, and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments, and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all. Mastercard is the sole corporate donor to the Mastercard Impact Fund.WeLab Bank Communications Contact<a href="mailto:wemedia@welab.bank">wemedia@welab.bank</a>

Mastercard and WeLab Bank Announce the Launch of Numberless WeLab Debit Card for a Fun and Secure Digital Journey

<h4>Proud to represent Hong Kong on the list alongside a remarkable group of global innovators and disruptors.</h4><ul><li>This is WeLab’s first entry to this top 50 list, ranking at #11</li><li>WeLab is the only disruptive company on the list with a banking license, operating a fully digital bank - WeLab Bank</li><li>Putting technology into action, WeLab offered the Government stimulus checks to people over 3 months earlier</li></ul>Hong Kong – July 2, 2020 – WeLab, a leading fintech company in Asia, has been named #11 on the 2020 CNBC Disruptor 50 list, and was the only company included from Hong Kong and just one of five from Asia. This is WeLab’s first appearance on this exclusive list of forward-thinking private companies who are innovating and making impact to change the world across different industries. Of the 50 companies, 15 of them are tech-driven financial services companies, including Stripe, Kabbage, SoFi and Affirm. All these companies share a common goal – to unlock and empower users financially through technology. This latest recognition comes on the heels of WeLab being ranked #2 on Financial Times’ Asia Pacific Fastest Growing Companies 2020 and being ranked #1 of South China Morning Post’s Growth Champions of the Greater Bay Area 2020.WeLab has scaled rapidly over the last few years providing financial services by creating seamless digital experiences to over 44 million users and over 300 enterprise customers across Hong Kong, mainland China and Indonesia. In December 2019, WeLab announced that it has raised US$156 million of Series C strategic financing and that the key focus for 2020 would include three key targets including: launching WeLab Bank, one of Hong Kong’s first virtual banks to the general public; expansion of China’s B2B business partners to over 1,000 and offer proprietary privacy computing solutions to enterprises on the cloud platform; and build the foundation for entry into another South East Asia market within the next two years.Simon Loong, the Founder and Group CEO of WeLab said “With the coronavirus impact encouraging the world to stay at home over the last few months, we have witnessed a shift in consumer behavior, with the greater acceptance and increased use of e-commerce and digital financial services for their daily needs. Technology is enabling companies to be more agile and with some adaptation, we created HKCashDrop, an innovative program using the power of technology to help the people of Hong Kong get their Government stimulus checks 3 months earlier, bringing much needed relief and positivity to everyone in this challenging time.”In the eighth annual Disruptor 50 list, CNBC continues to identify private companies whose breakthroughs are influencing business and market competition at an accelerated pace. According to CNBC, 1,355 companies across every sector of the economy were nominated and analyzed both quantitatively and qualitatively to come up with a final elite list of 50 this year. An Advisory Council consisting of 55 global academic and influential thought leaders in the field of innovation and entrepreneurship, together with the CNBC staff team, performed a rigorous process of researching and scoring across a holistic set of metrics such as scalability, profitability, workforce size and diversity.Of the five companies from Asia on the list, four are primarily focused on the ride-sharing or retail based e-commerce business models, whereas WeLab can deliver a fully seamless suite of financial services from your mobile phone, and is the only company on the list with a banking license under regulatory supervision. By flying the sole Hong Kong flag, WeLab is showcasing that Hong Kong companies have the ability to successfully scale their business model beyond the Greater China and create impact on a global scale. The upcoming public launch of WeLab Bank is just the beginning. We look forward to sharing so much more with our customers and partners as a fintech, a virtual bank and as a B2B services platform.For the full list of CNBC Disruptor companies, please visit: <a href="https://www.cnbc.com/2020/06/16/meet-the-2020-cnbc-disruptor-50-companies.html">2020 CNBC Disruptor 50</a>.-- END --About WeLabWeLab is a leading fintech company in Asia and operates one of the first virtual banks in Hong Kong. Founded in 2013, WeLab uses game-changing technology to help customers access credit, save money, and enjoy their financial journey. Currently, WeLab serves over 44 million users and 300 enterprise customers across Hong Kong, Mainland China and Indonesia.Powered by proprietary risk management technology, patented privacy computing techniques and advanced AI capabilities, WeLab offers mobile-based consumer financing solutions and digital banking services to retail individuals and technology solutions to enterprise customers.WeLab operates in three markets under six key brands, including WeLend and WeLab Bank in Hong Kong, WeLab Digital (我来数科), Taoxinji (淘新机) and Tianmian Lab (天冕大数据实验室) in Mainland China and Maucash in Indonesia.WeLab’s investors include Malaysian sovereign wealth fund Khazanah Nasional Berhad, CK Hutchison’s TOM Group, International Finance Corporation (a member of the World Bank Group), Alibaba Entrepreneurs Fund, Sequoia Capital and ING Bank.To learn more, please visit: <a href="http://www.welab.co/">www.welab.co</a>, follow WeLab on LinkedIn and Facebook.For media enquiries:Corporate Communications TeamTel: +852 3706 9379Email: pr@welab.co

WeLab named on the 2020 CNBC Disruptor 50 List

<p class="image-container text-center" data-img-alt="webpage_screenshot_HKCashDrop_EN.JPG" data-img-format="center" data-img-id="240" data-img-max-width="0" data-img-src="/media/images/webpage_screenshot_HKCashDrop_EN.width-500.jpg" element-type="image"><img alt="webpage_screenshot_HKCashDrop_EN.JPG" src="/media/images/webpage_screenshot_HKCashDrop_EN.width-500.jpg" style="width: auto; height: auto; max-width: max(100%, 0px)"/>Hong Kong – #HKCashDrop is open for application today. This WeLab initiative aims to deliver the HK$10,000 Government subsidy into people’s hands immediately, ahead of the proposed July or August timeline. Powered by technology, applicants just need to apply for #HKCashDrop online and the money can be in their bank account as quickly as the same day. We hope that by getting the HK$10,000 out in the form of a 5 month interest-free loan (at no cost and with zero interest) into people’s hands faster will help generate some positivity and give Hong Kong the much needed morale boost.Less than 3 weeks ago, WeLab introduced #HKCashDrop to the people of Hong Kong as an idea where we wanted to do our small part as a homegrown fintech company, to help, support and give Hong Kong a boost, by getting the HK$10,000 to Hong Kong people faster. We conducted an online survey to gauge the receptivity and interest of this initiative, and the response was a resounding “YES”. Taking the feedback into account, we have decided to make it happen. Applications for #HKCashDrop is now open on a first come first serve basis.Simon Loong, the Founder and Group CEO of WeLab, said “Being able to use technology to get HK$10,000 into people’s hands faster will bring much needed relief and positivity, but also practically facilitate the spending by the #HKCashDrop recipients, which should all help speed up the economic recovery with the multiplier effect. This aligns with our survey findings, where close to 70% of the respondents plan to spend the #HKCashDrop cash handout on daily necessities.”Loong added that, “The COVID-19 impact has widespread implications on the economy, but at a difficult time like this, we believe our actions should represent something beyond the interest of business opportunities. We put people’s livelihood close at our heart when we decided to step up and help the community. Taking into consideration that the Government cash handouts should be disbursed in the coming 3 months, by extending a 5 month interest-free loan through #HKCashDrop we will be bearing these costs, whilst also giving the recipients of #HKCashDrop sufficient time to repay us.”With the power of technology, this is how #HKCashDrop works:<ul><li>Apply in minutes – It takes as quick as 3 minutes, all online. Fill out a short application form and the only documents needed from applicants are a copy of their HKID and their ATM card for identity and direct deposit verification.</li><li>Fast funding – Once the interest-free loan is approved, recipients of #HKCashDrop will get HK$10,000 sent directly to their bank account within 1 day1.</li><li>Spend it, save it or donate it - Recipients can decide how to spend the money, either to help themselves, their family or others. We even have the option to donate the money on their behalf to 2 designated charities including <a href="https://www.foodangel.org.hk/index.php?l=en">Food Angel</a> and <a href="https://en.thehubhk.org/">The Hub Hong Kong</a>. Recipients can also directly donate to the charity of their own choice.</li><li>Pay it back in 5 months - #HKCashDrop stays interest-free if recipients pay us back in 5 months. After 5 months, your interest-free loan becomes an interest-bearing 12-month personal instalment loan at a personalized rate.</li></ul>1 Actual transfer time will depend on individual bank&#x27;s transfer service hours.#HKCashDrop is an independently organized initiative by WeLab to get you HK$10,000 earlier with the power of technology. All loans are provided by WeLend, a member of WeLab.Support #HKCashDrop, support Hong Kong together. WeLab believes “We will be fine.”For more information on #HKCashDrop, please visit <a href="https://www.hkcashdrop.com/">www.hkcashdrop.com</a>-- END --About WeLabWeLab is a leading fintech company in Asia and operates one of the first virtual banks in Hong Kong. Founded in 2013, WeLab uses game-changing technology to help customers access credit, save money, and enjoy their financial journey. Currently, WeLab serves over 42 million users and 300 enterprise customers across Hong Kong, Mainland China and Indonesia.Powered by proprietary risk management technology, patented privacy computing techniques and advanced AI capabilities, WeLab offers mobile-based consumer financing solutions and digital banking services to retail individuals and technology solutions to enterprise customers. WeLab operates in three markets under six key brands, including WeLend and WeLab Bank in Hong Kong, WeLab Digital (我来数科), Taoxinji (淘新机) and Tianmian Lab (天冕大数据实验室) in Mainland China and Maucash in Indonesia.WeLab’s investors include Malaysian sovereign wealth fund Khazanah Nasional Berhad, CK Hutchison’s TOM Group, International Finance Corporation (a member of the World Bank Group), Alibaba Entrepreneurs Fund, Sequoia Capital and ING Bank.For more information, please visit: <a href="https://www.welab.co/">www.welab.co</a>For media enquiries: WeLab PR Email: pr@welab.co

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WeLab: We will be fine. Applications for #HKCashDrop now open to get HK$10,000 interest-free today.

Hong Kong - We understand that the Hong Kong Government has announced HK$10,000 cash handout to all permanent Hong Kong residents 18 years old or above, which will reportedly become available sometime in July. As a homegrown Hong Kong fintech company, we want to do our small part to help and support Hong Kong.With this goal close at heart, we set out to find a way to get the HK$10,000 to the Hong Kong people earlier through the #HKCashDrop initiative. We believe that the earlier people get the money, the faster they can spend for themselves and their family, and the faster we can help stimulate the Hong Kong economy and speed up its economic recovery with the multiplier effect. We want to leverage technology and our resources to get the HK$10,000 to people in advance. We are still working out the details, but the initial thinking is that the HK$10,000 could be in the form of an interest-free loan (at no cost and with zero interest).#HKCashDrop is an independent WeLab initiative to get the $10,000 into the hands of the people earlier using the power of technology.Simon Loong, the Founder and Group CEO of WeLab said: “Whilst 2020 has been challenging, we hope #HKCashDrop will generate some much-needed positivity for Hong Kong. Inspired by international fintechs who have contributed to accelerating stimulus payments in their markets, we are doing our part for Hong Kong, using technology in a smart way to get money to people earlier. #HKCashDrop may start off with a limited number of spots, but we believe that helping 10,000 people is better than not helping any at all, as there is a multiplier effect that stretches the dollar further.”WeLab has been using game-changing technology to help democratize finance in Hong Kong over the last 7 years and right now, we want to leverage that same technology and our resources to give back to the community. Through #HKCashDrop, the initial thinking is that the HK$10,000 could be in the form of an interest-free loan, where there are no costs and no interest. We are providing this initiative at our own costs, so for those who do not pay us back by a certain date, we may need to charge interest, but this is certainly not the intention of this initiative. Whilst we have limited resources, we feel it is also our responsibility to do our part, to the extent possible we will be absorbing the funding and operational costs for this initiative, so there may be limited spots available based on some screening criteria. As for those who would like to use this money to help others, we may even be able to help donate it to a charity on their behalf, if there is a lot of interest in this feature. With the power of technology, we can all help Hong Kong together.At this stage, we are asking a few basic questions through an online survey (<a href="https://www.hkcashdrop.com/">www.hkcashdrop.com</a>) to understand the receptivity and interest levels towards this initiative. We plan to announce additional details in the coming 3 weeks, if there is popular demand from the community.The Hong Kong community has demonstrated patience and resilience over the last few months and shown strength in coming together to fight the virus. Support #HKCashDrop, Support Hong Kong Together!For more information on #HKCashDrop, please visit <a href="https://www.hkcashdrop.com/">www.hkcashdrop.com</a>-- END --Frequently Asked QuestionsQ: Why are we doing #HKCashDrop?As a homegrown Hong Kong fintech company, we feel it is also our responsibility to do everything we can to help the Hong Kong community, even if it may be a small gesture. We are doing this for two very simple reasons:<ol><li>We want to get the HK$10,000 to Hong Kong people earlier, so we can also help the government stimulate the rest of the Hong Kong economy faster and accentuate the multiplier effect that comes from this.</li><li>We want to bring some joy to Hong Kong: 2020 has been rough so far and we hope getting HK$10,000 into people&#x27;s hands faster will generate some much-needed positivity and give Hong Kong the morale boost that we need!</li></ol>Q. How is the multiplier effect relevant to the relief measure from an economics perspective?As discussed with Professor Albert Park, the Head and Chair Professor, Department of Economics, The Hong Kong University of Science and Technology, he explains that, “government subsidies to individuals not only provide needed relief to families suffering hardship, but also generate multiplier effects that ultimately can benefit the overall economy by much more than the subsidy amount. This occurs because increased spending by one family creates income for others, who in turn can increase their own spending, and so on. Thus, the earlier that families can actually receive funds, the earlier that these positive multiplier effects can be realized to the benefit of society.”Q: Who is eligible to participate in #HKCashDrop and what is the process?Anyone who is eligible for the HK$10,000 cash handout from the Hong Kong Government is eligible to apply. That means all Hong Kong permanent residents aged 18 or above. However, since there is a cost to us to roll out #HKCashDrop, there may be limited spots available based on some screening criteria. At this stage, we are collecting feedback from those who have signed up to help us iron out the details and understand the receptivity and interest levels towards this initiative. If there is popular demand from the community, we plan to announce additional details in the coming 3 weeks. In terms of process, we haven&#x27;t finalized all the details yet, but the initial thinking is that it could be in the form of an interest-free loan where there are no costs and no interest as long as the recipients repay WeLab when they receive the money from the Government and we will provide sufficient time to do so. We are providing this initiative at our own costs, so for those who do not pay us back by a certain date, we may need to charge interest.Q: Will there be any interest charges or other fees?No interest or fees will be charged if recipients repay WeLab when they receive the money from the Government and we will provide sufficient time to do so. We just want to get the $10,000 to people early if they want to spend it or donate it. Since all Hong Kong permanent residents 18 years old or above are eligible for the Government handout, there shouldn&#x27;t be a scenario where recipients are unable to pay us back. However, if recipients intentionally do not repay us by the due date, then interest will kick in from that point. This is not the intention for this initiative, so let’s hope that we do not need to go there!Q: How many people can #HKCashDrop help?We will do our best to help as many people as we can with the resources that we have. At this stage, we are collecting feedback from those who have signed up to help us iron out the details and understand the receptivity and interest levels towards this initiative. If there is popular demand from the community, we plan to announce additional details in the coming 3 weeks. We may start off with a limited number of spots, but we believe that helping 10,000 people is better than not helping any at all, as there is a multiplier effect that comes from that.Q: Where does your capital come from?#HKCashDrop is an independently organized WeLab initiative to get the HK$10,000 to people earlier using the power of technology. At a time where Hong Kong’s economy needs a boost, whilst we have limited resources, we feel it is also our responsibility to do our part in pulling together funding from different pockets - from our own capital, employees and shareholders.About WeLabWeLab is a leading fintech company in Asia and operates one of the first virtual banks in Hong Kong. Founded in 2013, WeLab uses game-changing technology to help customers access credit, save money, and enjoy their financial journey. Currently, WeLab serves over 42 million users and 300 enterprise customers across Hong Kong, Mainland China and IndonesiaPowered by proprietary risk management technology, patented privacy computing techniques and advanced AI capabilities, WeLab offers mobile-based consumer financing solutions and digital banking services to retail individuals and technology solutions to enterprise customers.WeLab operates in three markets under six key brands, including WeLend and WeLab Bank in Hong Kong, WeLab Digital (我来数科), Taoxinji (淘新机) and Tianmian Lab (天冕大数据实验室) in Mainland China and Maucash in Indonesia.WeLab’s investors include Malaysian sovereign wealth fund Khazanah Nasional Berhad, CK Hutchison’s TOM Group, International Finance Corporation (a member of the World Bank Group), Alibaba Entrepreneurs Fund, Sequoia Capital and ING Bank.For more information, please visit: <a href="https://www.welab.co/">www.welab.co</a>For media enquiries: WeLab PR Email: pr@welab.co

Introducing WeLab #HKCashDrop to support Hong Kong.

<p class="image-container text-center" data-img-alt="weLab-bank-pilot-trial-img-1_Eng full.png" data-img-format="center" data-img-id="234" data-img-max-width="0" data-img-src="/media/images/weLab-bank-pilot-trial-img-1_Eng_full.width-500.png" element-type="image"><img alt="weLab-bank-pilot-trial-img-1_Eng full.png" src="/media/images/weLab-bank-pilot-trial-img-1_Eng_full.width-500.png" style="width: auto; height: auto; max-width: max(100%, 0px)"/>Hong Kong – WeLab Bank Limited (“WeLab Bank” or the “Bank”) has commenced a pilot trial (“WeLab Bank Pilot”) under the Hong Kong Monetary Authority’s (“HKMA”) Fintech Supervisory Sandbox (“FSS”). During the FSS phase, WeLab Bank will be offering banking services to selected individual users prior to an official launch to the public.WeLab Bank will invite approximately 2,000 individual users from our waiting list, WeLab staff and their friends and families.During the WeLab Bank Pilot, customers will be able to access a range of fully digital services including — remote account opening, time deposits and saving accounts, virtual Debit Card, and payments with Faster Payment Services (FPS) enabled. With their HKID card ready at hand, customers can open a WeLab Bank account in less than 5 minutes. With personal data protection close at heart, WeLab Bank will also be issuing a numberless WeLab Debit Card in collaboration with Mastercard.A digital-only banking solution built around the customersAdrian Tse, Chief Executive of WeLab Bank said, “Customers will be getting a unique first peek at our banking solutions during the WeLab Bank Pilot and enjoy 24/7 seamless services with a one-stop mobile app. WeLab Bank is putting customers in control of their own financial journey and helping them manage, save and grow their money. Our message is loud and clear - we’ve got your back!”A new beginning: with GoSave, save and grow money together.<p class="image-container text-center" data-img-alt="welab-bank-pilot-trial-img-2_Eng.png" data-img-format="center" data-img-id="231" data-img-max-width="0" data-img-src="/media/images/welab-bank-pilot-trial-img-2_Eng.width-500.png" element-type="image"><img alt="welab-bank-pilot-trial-img-2_Eng.png" src="/media/images/welab-bank-pilot-trial-img-2_Eng.width-500.png" style="width: auto; height: auto; max-width: max(100%, 0px)"/>GoSave offers amazing rates and unique flexibility to customers!GoSave is a time deposit where customers are in control of their own financial journey and save money in a brand new way. Customers are empowered to drive up the interest rate by saving together with family, friends or other WeLab Bank customers who want to GoSave together. More people joining GoSave means a higher interest rate, up to 4.5%[1] p.a. for everyone. It also offers unique flexibility where customers can withdraw their funds at any time[2] without having to pay extra fees.Offering our customers control and exceptional security – numberless Debit Card<p class="image-container text-center" data-img-alt="welab-bank-pilot-trial-img-3.png" data-img-format="center" data-img-id="232" data-img-max-width="0" data-img-src="/media/images/welab-bank-pilot-trial-img-3.width-500.png" element-type="image"><img alt="welab-bank-pilot-trial-img-3.png" src="/media/images/welab-bank-pilot-trial-img-3.width-500.png" style="width: auto; height: auto; max-width: max(100%, 0px)"/>WeLab’s numberless Debit Card brings customers’ experience and security to new heights.WeLab’s numberless Debit Card has been engineered with obsession for customers’ experience and security. Customers’ can now take back control and only spend what they want with the Debit Card, no more credit surprises! Functionally, the Debit Card can be used for making purchases in physical stores or online and to withdraw cash from any JETCO ATMs in Hong Kong and CIRRUS ATMs that accept Mastercard. Most importantly, cardholder’s account number and CVV code are securely stored in WeLab Bank’s mobile app and won’t be printed on the physical card. Calling the hotline to report your lost card will no longer be necessary, customers can simply tap “lost card” in the mobile app to suspend the card immediately.WeLab Bank aspires to improve lives through game-changing technology and innovation. Instilling the core philosophy of the “3I” – Instant, Interactive and Intelligent, WeLab Bank is using artificial intelligence, big data and machine learning and other leading technologies to design and build products and services to bring a new digital experience for the Hong Kong public.^ Images shown above are for illustrative purpose only and are subject to change without further notice. Not all products and services are available at the moment. [1] The above interest rates are effective on 28 April, 2020. The maximum principal that is eligible for this preferential rate is HKD100,000 for a customers’ first GoSave 3-month time deposit. The rates are subject to changes as per prevailing market conditions. [2] Subject to a maximum withdrawal of 2 times during the tenor. For details, please refer to the relevant terms and conditions.-- END -- About WeLab BankWeLab Bank Limited (“WeLab Bank” or the “Bank”), is a homegrown virtual bank licensed by the Hong Kong Monetary Authority (“HKMA”). Founded by a team of financial and technology experts, WeLab Bank’s mission is to understand customers’ needs and design a personalized, full-service banking experience that helps them manage and grow their money.WeLab Bank represents a 100% digital banking experience that is simple, intuitive and built around our customers. WeLab Bank is consisted of a powerful mobile app and a numberless Debit Card, both designed with obsession with customers’ experience and data security.WeLab Bank is a wholly owned subsidiary of WeLab Holdings Limited (“WeLab”), a leading fintech company in Asia.For more information, please visit: <a href="https://www.welab.bank/">https://www.welab.bank</a> 或關注 Instagram: <a href="https://www.instagram.com/welab.bank/">welab.bank</a>About WeLabFounded in 2013, WeLab uses game-changing technology to help customers access credit, save money, and enjoy their financial journey. Currently, WeLab serves over 42 million users and 300 enterprise customers across Hong Kong, Mainland China and Indonesia.Powered by proprietary risk management technology, patented privacy computing techniques and advanced AI capabilities, WeLab offers mobile-based consumer financing solutions and digital banking services to retail individuals and technology solutions to enterprise customers.WeLab operates in three markets under six key brands, including WeLend and WeLab Bank in Hong Kong, WeLab Digital (我来数科), Taoxinji (淘新机) and Tianmian Lab (天冕大数据实验室) in Mainland China and Maucash in Indonesia.WeLab’s investors include Malaysian sovereign wealth fund Khazanah Nasional Berhad, CK Hutchison’s TOM Group, International Finance Corporation (a member of the World Bank Group), Alibaba Entrepreneurs Fund, Sequoia Capital and ING Bank.For more information, please visit: <a href="https://www.welab.co/">www.welab.co</a>For media enquiries:WeLab PREmail: wemedia@welab.bank

Hello World: WeLab Bank Takes Flight in a Pilot Trial

<p class="image-container text-center" data-img-alt="Series-C-2019.JPG" data-img-format="center" data-img-id="236" data-img-max-width="0" data-img-src="/media/images/Series-C-2019.width-500.jpg" element-type="image"><img alt="Series-C-2019.JPG" src="/media/images/Series-C-2019.width-500.jpg" style="width: auto; height: auto; max-width: max(100%, 0px)"/>Hong Kong – WeLab, a leading fintech company in Asia, today announces that it has raised US$156 million (equivalent to over HK$1.2 billion) of Series C strategic financing, completing the largest fintech fundraising in Greater China year to date. This round drew the backing of new investors as well as five existing investors, including Alibaba Hong Kong Entrepreneurs Fund and China Construction Bank (International) amongst others, who made follow-on investments, validating WeLab’s accomplishments and demonstrating confidence in WeLab’s future prospects.“This financing will be used to further develop and broaden our platform as a fintech enabler. Further investment into technology research and development will enable us to apply these innovative technologies around the region and roll out additional products and services for our customers to provide holistic financial services digitally,” said Simon Loong, Founder and Group CEO of WeLab.Strong performance across all core businesses, setting foundation for further expansionIn the two years since the last fundraising round in 2017, WeLab has successfully transformed into a regional fintech leader, scaling the tech-enabled business in three markets. The company has achieved some notable milestones such as being granted several operating licenses and industry-leading technology patents, including Hong Kong’s virtual bank license; Mainland China’s financial guarantee license and financial leasing license; Indonesia’s fintech license issued by the OJK; and technology patents, including for edge computing. These achievements solidify WeLab’s commitment to fintech innovation and paves the path for providing more comprehensive financial services. WeLab also officially released the Group and WeLab Bank’s Chinese names as “匯立金融控股有限公司” and “匯立銀行”, respectively.The Group’s operations, which span across three markets, have made some noteworthy achievements through its six key brands.<ul><li>Hong Kong: WeLab was granted a virtual banking license by the Hong Kong Monetary Authority in April 2019 and is expected to launch WeLab Bank in 2020 to provide a refreshing digital banking experience to customers. The Chairman of Cyberport (Hong Kong&#x27;s leading technology incubator), Dr. Lee George Lam has joined as an Independent Non-Executive Director to serve on the Board of Directors alongside other notable members, including Professor KC Chan, who will serve as Chairman of the WeLab Bank Board. With an operating track record of over six years and going from strength to strength, WeLend continues to be Hong Kong’s leading pure online lending platform with a market share of approximately 13.2%, while realizing a net profit growth of 155% in 2019.</li><li>Mainland China: In just five years, WeLab has built a vast footprint and leading position in the Mainland with three key brands. Following the strategic alignment of WeLab Digital(我来数科) earlier this year, the number of registered users has surpassed 41 million and the number of small and micro loan applications have increased by 412% in 2019. The new economy leasing solutions provided by Taoxinji (淘新机), which is also available on the platforms of Chinese e-commerce giants JD.com and Alipay, continues to expand across the consumer electronics product rental category, now covering over 300 popular electronic products including mobile phones, drones, laptops, IoT devices, etc. WeLab’s B2B enterprise solution brand Tianmian Lab(天冕大数据实验室), which provides cloud-based solutions, commenced working with over 300 institutions, enabling them to offer fintech-enabled services and digital experiences to their customers.</li><li>Indonesia: WeLab entered the Indonesian market in 2018 with one of Indonesia’s largest conglomerates, PT Astra International, to form the joint venture company, PT AWDA. Since the launch of the brand, Maucash, the joint venture has gained strong traction in the first year of operations, acquiring more than 600,000 registered users, which is 28% more than when WeLab entered the Mainland China market back in 2014. The entity was also granted a fintech license by the Indonesian Financial Services Regulatory Authority (OJK) in September 2019, becoming one of only 13 licensed operators in Indonesia.</li></ul>Rising against the tide, reinforcing the base of first-class investorsWeLab has a proven track record of fundraising from first-class global investors, who have contributed significantly as strategic partners in supporting the Group’s rapid growth. According to PitchBook, WeLab&#x27;s Series C strategic financing is the largest fintech fundraising in Greater China to date in 2019 and fourth among fintech fundraisings in Asia. At the same time, the Group’s valuation continues to reach new heights, climbing into the Top10 ranking of unicorns in the Greater Bay Area after this Series C round, according to the &quot;Hurun Global Unicorn List 2019&quot; released by the Hurun Research Institute.Activating the new strategic journey for 2020In 2020, the Group aspires to further develop and broaden the platform as a fintech enabler with the following three key targets: to launch WeLab Bank in 2020; further expand China’s B2B business partners to over 1,000 and offer our proprietary privacy computing solutions to enterprises on the cloud platform in 2H 2020; and aim to enter another South East Asia market beyond Indonesia within the next two years.In closing, Loong also said, “With technological advancement, fintech has gradually been integrated into our daily lives over the last decade, transforming the traditional world of banking as we know it. 2020 marks the inflection point where the calls for supervision and governance are necessary, starting with regulated digital banks.”About WeLab:WeLab is a leading fintech company in Asia with one of the first virtual banks established in Hong Kong. WeLab provides financial services by creating seamless digital experiences to over 41 million users across Hong Kong, Mainland China, and Indonesia. WeLab was named in a KPMG-sponsored report as one of the top 100 FinTech companies in the world – #23 globally and #6 in China. WeLab was ranked #1 as the “2020 Growth Champions of the Greater Bay Area” in a report by SCMP and was also ranked by Deloitte as the #1 fastest growing tech company by revenue in Hong Kong and #4 in China.Using its proprietary risk management technology and advanced AI capabilities in, WeLab effectively analyzes unstructured mobile big data within seconds to provide innovative financial services and offer consumer financing solutions for individual customers. The company also offers B2B enterprise solutions by partnering with traditional financial institutions, which utilize WeLab’s technology to offer fintech-enabled services to their customers.WeLab operates in three markets under six key brands, including WeLend and WeLab Bank in Hong Kong, WeLab Digital (我来数科), Taoxinji (淘新机) and Tianmian Lab (天冕大数据实验室) in Mainland China and Maucash, under AWDA, a fintech joint venture with PT Astra International in Indonesia.WeLab’s investors include Malaysian sovereign wealth fund Khazanah Nasional Berhad, CK Hutchison’s TOM Group, International Finance Corporation (a member of the World Bank Group), Alibaba Entrepreneurs Fund, China Construction Bank (International), Sequoia Capital and ING Bank.For media enquiries:WeLab PREmail: pr@welab.co

WeLab raises US$156M in Series C strategic financing, completing the largest fintech fundraising in Greater China in 2019

Shenzhen – WeLab’s leading online fintech platform in Mainland China “Wolaidai” (我来贷) embarks on a new digital journey, to be renamed as “WeLab Digital” (我来数科) effective from today. The name in Chinese “数科” translates to “digital technology”, which more accurately reflects WeLab Digital’s capabilities and continuous development in fintech, where we have been able to provide digital financial services above and beyond credit, to over 40 million users. With that, WeLab Digital will adopt a new “BIG” strategy through a deep integration of innovation technology and financial services.<img class="fullwidth" src="/media/images/Introducing_WeLab_Digital.2e16d0ba.fill-400x103.png" alt="Introducing WeLab Digital.png" /> &quot;BIG&quot; strategy: tech-driven risk management and continuous focus on customer-centric experienceThe &quot;BIG&quot; strategy embodies the concepts of Big (Big Data), Intelligence (Artificial Intelligence), and Growth (High Growth Potential Group), perfectly fitting into the WeLab Group’s mission “to improve lives through game-changing technology and innovation.”Big data risk management technology has always been a core part of the DNA of WeLab Digital (我来数科), which will now be further strengthened by incorporating Privacy Computing as one of the key focuses of R&amp;D, adding to the patents already obtained for the WeLab Group. Privacy Computing enables WeLab Digital (我来数科) to provide intelligent data-driven services to customers while protecting and respecting their data privacy in a secure and efficient manner. With our advanced Artificial Intelligence capabilities, WeLab Digital continues to develop technologies to be able to deliver on customer-centric focus and improve customer experience. For instance, through applying techniques such as Natural Language Processing (NLP) to its proprietary chatbot - WeBot2.0, WeLab Digital is able to correctly identify users’ intent across various scenarios, resulting in effective response rate of around 90%. In terms of customers, the fintech-enabled services will be multi-faceted aimed at serving high growth potential customers who have growing needs for financial services, spanning across groups such as salaried individuals, sole proprietors of SMEs, and car owners.Refining WeLab’s roadmap in Mainland China Since entering the market in 2014, WeLab has operated exclusively with an online model, and developed strong presence in both direct-to-customer (B2C) and enterprise customer (B2B) segments. In the B2C segment, WeLab offers innovative financing solutions and leasing solutions for electronics (e.g. mobile phones, drones, etc.) to individuals, through the brands WeLab Digital (我来数科) and Taoxinji (淘新机) respectively, with over 40 million users as of September 2019. At the same time, WeLab’s B2B brand Tianmian Lab (天冕) provides cloud-based enterprise solutions, centred on WeLab’s core strengths of risk management and fintech DNA, to over 200 institutions, enabling them to offer fintech-enabled services and digital experiences to their customers.About WeLab WeLab is a leading fintech company in Asia with one of the first virtual banks established in Hong Kong. WeLab provides financial services by creating seamless digital experiences to over 40 million users across Hong Kong, Mainland China, and Indonesia. Using its proprietary risk management technology and advanced AI capabilities, WeLab effectively analyzes unstructured mobile big data within seconds to provide innovative financial services and offer consumer financing solutions for individual customers. The company also offers B2B enterprise solutions by partnering with traditional financial institutions, which utilize WeLab’s technology to offer fintech-enabled services to their customers. WeLab operates WeLend and the WeLab virtual bank in Hong Kong, WeLab Digital (我来数科), Taoxinji (淘新机) and Tianmian Lab (天冕) in Mainland China and AWDA, a fintech joint venture with PT Astra International in Indonesia. WeLab’s investors include Malaysian sovereign wealth fund Khazanah Nasional Berhad, CK Hutchison’s TOM Group, International Finance Corporation (a member of the World Bank Group), Alibaba Entrepreneurs Fund, Sequoia Capital and ING Bank.For more information, please visit <a href="http://www.welab.co/">www.welab.co</a>For media enquiries:WeLab PREmail: pr@welab.co

Introducing WeLab Digital (我来数科) – a new name for Wolaidai (我来贷) in Mainland China

Hong Kong – WeLab Holdings (“WeLab”), a leading Fintech company in Asia, today announced that its wholly owned subsidiary WeLab Digital Limited (“WeLab virtual bank”) has been granted a virtual banking license by the Hong Kong Monetary Authority (“HKMA”), becoming the first homegrown Hong Kong fintech company to establish a virtual bank.Simon Loong, the Founder and CEO of WeLab, said: “WeLab is honored to be granted a virtual banking license in Hong Kong. WeLab will fully dedicate its resources to provide seamless digital financial services built for the customer, leveraging on the proven track record, cumulative knowledge and experience over the last six years. As a Hong Kong homegrown innovator and fintech company, we believe that the license is validation and recognition of our innovative mindset and proven fintech capabilities.”Looking ahead, Simon Loong also mentioned that WeLab virtual bank will continue to leverage the advanced fintech capabilities and experienced leadership team to revolutionize the banking experience for Hong Kong customers, with the aim of providing more convenient and diversified retail banking services and products to Hong Kong customers.Instilling the core philosophy of the “3I” – Instant, Interactive and Intelligent, WeLab will use artificial intelligence, big data and machine learning and other leading technologies to design and build products and services to bring a new digital experience for the Hong Kong public. WeLab virtual bank is expected to launch in 6 - 9 months’ time.WeLab’s Senior Advisor Professor KC Chan, former Secretary for Financial Services and the Treasury of Hong Kong Special Administrative Region (HKSAR) and former Dean of the Business School at The Hong Kong University of Science and Technology (HKUST), will be appointed as Chairman of WeLab virtual bank, and said “Virtual banking heralds a new stage of development for Hong Kong banking and fintech. As Chairman of WeLab Digital, I will lead the team to build on WeLab’s success, leading with technology to promote financial inclusion.”<p class="image-container text-center" data-img-alt="WeLab VB license 1.png.jpg" data-img-format="center" data-img-id="230" data-img-max-width="0" data-img-src="/media/images/WeLab_VB_license_1.png.width-500.jpg" element-type="image"><img alt="WeLab VB license 1.png.jpg" src="/media/images/WeLab_VB_license_1.png.width-500.jpg" style="width: auto; height: auto; max-width: max(100%, 0px)"/>Right to Left：WeLab Founder and CEO and WeLab virtual bank non-executive Director Simon Loong, WeLab virtual bank Chief Executive and executive director Dr William Leung, WeLab Senior Advisor and Chairman of WeLab virtual bank Professor KC Chan, WeLab virtual bank Alternate Chief Executive and executive Director Tat Lee<p class="image-container text-center" data-img-alt="WeLab VB license 2.jpg" data-img-format="center" data-img-id="229" data-img-max-width="0" data-img-src="/media/images/WeLab_VB_license_2.width-500.jpg" element-type="image"><img alt="WeLab VB license 2.jpg" src="/media/images/WeLab_VB_license_2.width-500.jpg" style="width: auto; height: auto; max-width: max(100%, 0px)"/>The WeLab Hong Kong and virtual bank teamAbout WeLabFounded in 2013 in Hong Kong, WeLab is reinventing traditional financial services by creating seamless mobile experiences. With its proprietary risk management technology, WeLab effectively analyses unstructured mobile big data within seconds to make credit decisions for individual customers. WeLab operates in both the B2C and B2B segments, under the brand WeLend in Hong Kong as well as consumer finance operations in Mainland China and Indonesia, with over 36 million registered users. The company also partners with traditional financial institutions which utilise WeLab’s technology to offer fintech-enabled solutions to their customers.WeLab was named in a KPMG-sponsored report as one of the top 100 FinTech companies in the world – #7 in China and #23 globally – and was ranked by Deloitte as the #1 fastest growing tech company by revenue in Hong Kong and #4 in China. WeLab’s investors include Malaysian sovereign wealth fund Khazanah Nasional Berhad, CK Hutchison’s TOM Group, International Finance Corporation (a member of the World Bank Group), Alibaba Entrepreneurs Fund, China Construction Bank (International), Sequoia Capital and ING Bank.For more information, please visit <a href="http://www.welab.co/">www.welab.co</a>For media enquiries:WeLab PREmail: pr@welab.co

WeLab granted a virtual banking license by the Hong Kong Monetary Authority to invigorate Hong Kong’s fintech scene

<p class="image-container " data-img-alt="Asia_Banker_Awards" data-img-format="fullwidth" data-img-id="241" data-img-max-width="0" data-img-src="/media/images/Asia_Banker_Awards.width-800.jpg" element-type="image"><img alt="Asia_Banker_Awards" src="/media/images/Asia_Banker_Awards.width-800.jpg" style="width: 100%; height: auto; max-width: max(100%, 0px)"/>Dubai, U.A.E – WeLab, a leading Asian tech enabler for financial services has been awarded “Consumer Finance Product of the Year”, and “Digital Lending Product of the Year” at The Asian Banker’s International Excellence in Retail Financial Services Awards Ceremony in Dubai on March 21st 2019. This is the second consecutive year where WeLab has been recognized in this program, and is the only fintech company representing Hong Kong. Last year, WeLab brought home “The Best Business Model” and “The Best Data Analytics Initiative, Application or Programme”.The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The International Excellence in Retail Financial Services program is one of the most rigorous, prestigious and transparent annual award programs for consumer financial services in the world. Covering all of the Asia Pacific, the Middle East and West Africa, the program was instituted in 2001 to recognize the pursuit of excellence amongst retail financial institutions. The program evaluates more than 300 banks and non-bank retail financial services players in more than 42 countries, via a thorough audit-based approach.“We are proud as a home-grown Hong Kong fintech company to be recognized by The Asian Banker in its International Excellence in Retail Financial Services Awards for the second consecutive year,” said Simon Loong, Founder and CEO of WeLab. “Considering that the majority of the award recipients of this program are leading established traditional banks, this highlights the increasing convergence between traditional banks and fintech companies being assessed on a level playing field. Combining the best of traditional banking and technology, we have deployed innovative solutions to deliver superior customer experiences using technology enabled financial products and services, concurrently solving for financial inclusion.”WeLab has a successful track record in executing and operating in Hong Kong and China markets, scaling to over 35 million registered users. In 2018, they expanded into Indonesia to broaden their reach to both individual and enterprise customers with their technology enabled financial services.About WeLab Founded in 2013 in Hong Kong, WeLab is reinventing traditional financial services by creating seamless mobile lending experiences. With its proprietary risk management technology, WeLab effectively analyses unstructured mobile big data within seconds to make credit decisions for individual borrowers. WeLab operates a diversified business with WeLend in Hong Kong, multiple B2C, B2B, mobile phone leasing brands in Mainland China and a fintech joint venture AWDA in Indonesia. The company also partners with traditional financial institutions which utilize WeLab’s technology to offer FinTech-enabled solutions to their customers. WeLab was named in a KPMG-sponsored report as one of the top 100 FinTech companies in the world – #7 in China and #23 globally – and was ranked by Deloitte as the #1 fastest growing tech company by revenue in Hong Kong and #4 in China. WeLab’s investors include Malaysian sovereign wealth fund Khazanah Nasional Berhad, CK Hutchison’s TOM Group, International Finance Corporation (a member of the World Bank Group), Alibaba Entrepreneurs Fund, China Construction Bank (International), Sequoia Capital and ING Bank.For media enquiries:WeLab PREmail: pr@welab.co

WeLab Represents Hong Kong to Win Two Awards at The Asian Banker International Excellence in Retail Financial Services Awards

<p class="image-container text-center" data-img-alt="2018 Belt and Road - 2018 12.jpg" data-img-format="center" data-img-id="237" data-img-max-width="0" data-img-src="/media/images/2018_Belt_and_Road_-_2018_12.width-500.jpg" element-type="image"><img alt="2018 Belt and Road - 2018 12.jpg" src="/media/images/2018_Belt_and_Road_-_2018_12.width-500.jpg" style="width: auto; height: auto; max-width: max(100%, 0px)"/>Hong Kong – WeLab, a home-grown fintech company has been recognised in the “2018 Belt and Road Project Innovation Cases Collection”. The award is a recognition for the Indonesia expansion of WeLab, the only Hong Kong fintech company on the list.As a leading fintech company in Asia, WeLab is always exploring new opportunity to expand its fast-growing business. In September 2018, WeLab partnered with PT Astra International Tbk (“Astra”), a leading Indonesia’s conglomerate, through its subsidiary PT Sedaya Multi Investama (“SMI”), established a fintech joint venture company, PT Astra WeLab Digital Arta (“AWDA”) in Indonesia. AWDA aims to offer best-in-class fintech products to individual and enterprise clients through its innovative mobile consumer lending platform “Maucash”.“We are honoured to be the only Hong Kong fintech company on the cases collection and this is a testament to our Indonesia expansion.” said Simon Loong, Founder and CEO of WeLab. “Hong Kong has a unique position such as free market economy, independent legal system and the world-class infrastructure to seize the Belt and Road opportunities. As a home-grown fintech company, WeLab successfully scaled up and exported our fintech capabilities by leveraging these advantages.“The Belt and Road initiative deepens regional cooperation and brings new business opportunities to the fintech industry. We believe our game-changing fintech technology, combined with Astra’s diversified business model, will allow us to redefine consumer lending and further promote financial inclusion in Indonesia.”The “2018 Belt and Road Project Innovation Cases Collection” is jointly initiated by Southern Finance Omnimedia Corporation (SFC), 21st Century Business Herald and The Belt and Road Research Institute of SFC. The collection identifies and recognises outstanding model examples in the implementation of the Belt and Road Initiative. The cases collection was announced during the 2018 Belt and Road International Innovation Forum in Beijing where Paul Ip, WeLab’s Chief Risk Officer attended and shared his insights on Indonesia expansion.Ip said, “WeLab sees compliance and risk management as the key elements to our overseas expansion therefore AWDA has been officially registered with the Financial Services Authority (OJK) since inception. We believe combining the fintech capabilities of WeLab and Astra&#x27;s strong local presence will achieve a result of one plus one more than two in Indonesia.”About WeLab Founded in 2013 in Hong Kong, WeLab is reinventing traditional financial services by creating seamless mobile lending experiences. With its proprietary risk management technology, WeLab effectively analyses unstructured mobile big data within seconds to make credit decisions for individual borrowers. WeLab operates WeLend in Hong Kong, Wolaidai (我来贷) in Mainland China and a fintech joint venture AWDA in Indonesia. The company also partners with traditional financial institutions which utilise WeLab’s technology to offer FinTech-enabled solutions to their customers.WeLab was named in a KPMG-sponsored report as one of the top 100 FinTech companies in the world – #7 in China and #23 globally – and was ranked by Deloitte as the #1 fastest growing tech company by revenue in Hong Kong and #4 in China. WeLab’s investors include Malaysian sovereign wealth fund Khazanah Nasional Berhad, CK Hutchison’s TOM Group, International Finance Corporation (a member of the World Bank Group), Alibaba Entrepreneurs Fund, China Construction Bank (International), Sequoia Capital and ING Bank.For more information, please visit <a href="http://www.welab.co/">www.welab.co</a>For media enquiries:WeLab PREmail: pr@welab.co<ol><li></li></ol>

WeLab Recognised in “2018 Belt and Road Project Innovation Cases Collection” in Beijing As the Only Hong Kong Fintech Award Winner for its Indonesia Expansion

Hong Kong – WeLab, a homegrown fintech company has been named #23 globally and #7 in China to the “2018 Fintech100”, a collaboration between KPMG Fintech and fintech investment firm H2 Ventures.WeLab is a leading fintech company in Asia with over 32 million registered users. With its best-in-class big data analysis and AI technology, WeLab has been named #23 globally to the “2018 Fintech100” this year (from #36 in 2017) and #7 in China (from #8 in 2017). WeLab is also the only Hong Kong fintech company that has been named to the list for three consecutive years.&quot;We are thrilled to be on the exclusive Fintech100 list as a leading established innovator for the 3rd year in a row,” said Simon Loong, Founder and CEO of WeLab. &quot;The higher ranking this year is a testament to our fintech capabilities which are continually improved and enhanced through our innovative business model. We will continue to serve our customers better with game-changing technology, keeping them ahead of the curve.”Chinese fintech companies lead Fintech innovation on the global scene holding Top 4 of the Top 10 spots on the list including Ant Financial, JD Finance and Baidu Financial, and continue to scale with a heavy emphasis on payments on insurance.Now into the fifth edition of the annual report that published by KPMG Fintech and fintech investment firm H2 Ventures, the 2018 Fintech100 list recognizes the top fintech companies from around the world in terms of their ability of firms to innovate that generate a long-term sustainable competitive advantage. The 2018 Fintech100 selected the companies based on data across a range of dimensions including the capital raised, geographic and sectoral diversity, degree of product, service and business model innovation.About WeLab Founded in 2013 in Hong Kong, WeLab is reinventing traditional financial services by creating seamless mobile lending experiences. With its proprietary risk management technology, WeLab effectively analyses unstructured mobile big data within seconds to make credit decisions for individual borrowers. WeLab operates WeLend in Hong Kong, Wolaidai (我来贷) in Mainland China and a fintech joint venture AWDA in Indonesia. The company also partners with traditional financial institutions which utilise WeLab’s technology to offer FinTech-enabled solutions to their customers.WeLab was named in a KPMG-sponsored report as one of the top 100 FinTech companies in the world – #7 in China and #23 globally – and was ranked by Deloitte as the #1 fastest growing tech company by revenue in Hong Kong and #4 in China. WeLab’s investors include Malaysian sovereign wealth fund Khazanah Nasional Berhad, CK Hutchison’s TOM Group, International Finance Corporation (a member of the World Bank Group), Alibaba Entrepreneurs Fund, China Construction Bank (International), Sequoia Capital and ING Bank.For more information, please visit <a href="http://www.welab.co/">www.welab.co</a>For media enquiries:WeLab PREmail: pr@welab.co

WeLab Ranks #23 Globally and #7 in China on KPMG’s 2018 Fintech100 The Only Hong Kong Fintech Company on the List for Three Consecutive Years

Hong Kong – WeLab, a leading Fintech company in Asia, today announces that it has completed an asset-backed financing facility (the “Facility”) with Citibank N.A. Hong Kong Branch (“Citi”) in September 2018. The Facility is extended to WeLab’s subsidiary, WeLend, the leading pure online lending platform in Hong Kong, to fund the continued growth of its loan origination and diversification of product offerings.With over 32 million registered users globally, WeLab specialises in big data analysis and AI technology that offers seamless consumer experience to their customers. The Facility allows WeLab to further diversify its financing sources with a major commercial bank in Hong Kong and enhances its funding and liquidity positions.The mutually beneficial partnership between WeLab and Citi is a testament of Welab’s business performance and growth, as well as a demonstration of a major global financial institution supporting the local Fintech industry. WeLab plans to further explore capital markets access as it continues to optimise its capital structure to fund the long-term growth of the company.Simon Loong, Founder and CEO of WeLab said, “We are excited to have Citi as our financing partner. With this new facility, this enhances WeLab’s funding capacity and strengthens the ability to meet the demands of our rapidly-growing business and accelerate expansion into new product portfolio. We look forward to deepening our working relationship with existing financing partners to help individuals achieve financial freedom through better and more efficient access to credit and to further promote financial inclusion.”About WeLabFounded in 2013 in Hong Kong, WeLab is reinventing traditional financial services by creating seamless mobile lending experiences. With its proprietary risk management technology, WeLab effectively analyses unstructured mobile big data within seconds to make credit decisions for individual borrowers. WeLab operates WeLend in Hong Kong, Wolaidai (我来贷) in Mainland China and a fintech joint venture AWDA in Indonesia. The company also partners with traditional financial institutions which utilise WeLab’s technology to offer FinTech-enabled solutions to their customers.WeLab was named in a KPMG-sponsored report as one of the top 100 FinTech companies in the world – #8 in China and #36 globally – and was ranked by Deloitte as the #1 fastest growing tech company by revenue in Hong Kong and #4 in China.For more information, please visit <a href="http://www.welab.co/">www.welab.co</a>For media enquiries:WeLab PREmail: pr@welab.co

WeLab Enters into Financing Agreement with Citi

<img class="left" src="/media/images/photo_2.2e16d0ba.fill-4896x3264.jpg" alt="photo 2.JPG" /><ul><li>Cooperation brings WeLab’s FinTech-enabled sales financing and consumer lending solution to CK Hutchison’s telecom and retail divisions</li><li>First-ever retail payment option allows savvy customers to optimise finances</li><li>3Money “New Phone and Cash Plan” and “FORTRESS FlexiPay Instalment Plan” now available at checkout</li></ul>Hong Kong – CK Hutchison Holdings Limited (“CK Hutchison”), a multinational conglomerate spanning over 50 countries, and a leading FinTech company in Asia, WeLab, announced today the forming of a strategic collaboration that will bring a seamless sales financing and consumer lending solution to 3Shops and Fortress stores in Hong Kong and potentially to other related CK Hutchison businesses in Indonesia, Mainland China and Europe.This cooperation presents an unprecedented consumer experience for Hong Kong. In addition to giving 3HK and Fortress customers the flexibility to pay for purchases in up to 60 monthly instalments, WeLend, a subsidiary of WeLab, can also instantly approve an additional cash loan for them through a real-time credit assessment using its innovative financial technology. This means that customers can access extra cash without wasting time on lengthy applications. Not only can customers shop without paying upfront, they can simultaneously satisfy their additional credit needs – creating a unique two-in-one consumer financing experience in Hong Kong. Going forward, CK Hutchison’s global retail and telecom networks can take advantage of WeLab’s advanced big data technologies in FinTech while keeping pace with evolving customer expectations on choice and experience, especially tech-savvy millennials.“This is a win-win collaboration with WeLab. Through advanced FinTech, 3HK and Fortress customers will have the opportunity to buy high-end mobile devices and electronic appliances without having to make a big cash outlay upfront, and obtain a cash loan, while also having the option of an extended payment scheme, alternatives that were not available before.” said Canning Fok, CK Hutchison Group Co-Managing Director. “For our partner, WeLab will have access to a large base of credit-worthy potential clients and unprecedented business opportunities.”Simon Loong, Founder and Chief Executive Officer of WeLab added, “We are very excited to partner with CK Hutchison and through this alliance, WeLab can extend our technology in financial innovation to offer seamless consumer experience to CK Hutchison customers globally. As a leading FinTech company in Asia, we believe this strategic alliance will strengthen our competitive advantage and footprint.”CK Hutchison has over 17,700 telecom and retail stores worldwide, close to 130 million active mobile customers and 140 million loyal retail customers. WeLab is a leading FinTech company which has accumulated over 30 million registered users, and is a pioneer in analysing consumers’ creditworthiness based on its advanced big data analytics capabilities and innovative AI technologies. By partnering with WeLab and embracing innovative technologies, CK Hutchison customers now have an additional payment and financing option at checkout through simple transaction procedures and more flexible payment plans than ever before. The 3Money “New Phone &amp; Cash Plan” enables customers to subscribe to tariff plans that come complete with designated latest smartphone models – without having to make prepayment upfront. They can also opt for an extra cash loan of up to double the total contract value. The package amounts to a new consumer financing solution that combines telecom with FinTech. “FORTRESS FlexiPay Instalment Plan” offers customers a new and flexible payment option that has a longer repayment period up to 60 months, together with instant cash loans and 5x MoneyBack Points.Through the collaboration, CK Hutchison will help strengthen WeLab’s plan to expand its international footprint through its channels in Hong Kong, and potentially Indonesia, Mainland China and Europe.Digital revolution has been changing the behavior and expectations of consumers. CK Hutchison continues to invest strategically in research and development on technology innovations to enhance the core competitiveness of its long-established telecom and retail businesses.About CK Hutchison Holdings Limited Listed on The Stock Exchange of Hong Kong Limited, CK Hutchison Holdings Limited (CK Hutchison) is a renowned multinational conglomerate committed to innovation and technology with businesses spanning the globe. With operations in over 50 countries and over 300,000 employees worldwide, CK Hutchison has five core businesses - ports and related services, retail, infrastructure, energy and telecommunications.CK Hutchison reports turnover of approximately HKD415 billion (USD53 billion) for the year ended 31 December 2017.For more information, please visit <a href="http://www.ckh.com.hk/">www.ckh.com.hk</a>About WeLab Founded in 2013 in Hong Kong, WeLab is reinventing traditional financial services by creating seamless mobile lending experiences. With its proprietary risk management technology, WeLab effectively analyzes unstructured mobile big data within seconds to make credit decisions for individual borrowers. WeLab operates WeLend in Hong Kong, Wolaidai (我来贷) in Mainland China and a joint venture company AWDA in Indonesia. The company also partners with traditional financial institutions which utilize WeLab’s technology to offer FinTech-enabled solutions to their customers.WeLab was named in a KPMG-sponsored report as one of the top 100 FinTech companies in the world – #8 in China and #36 globally – and was ranked by Deloitte as the #1 fastest growing tech company by revenue in Hong Kong and #4 in China.For more information, please visit <a href="http://www.welab.co/">www.welab.co</a>For media enquiries:WeLab PREmail: pr@welab.co

CK Hutchison and WeLab form Strategic Collaboration

Jakarta – PT Astra International Tbk (“Astra”), one of Indonesia’s largest diversified holding companies, through its subsidiary PT Sedaya Multi Investama (“SMI”), and WeLab, a leading technology enabler for consumer lending in China and Hong Kong, today announced their fintech joint venture company, PT Astra WeLab Digital Arta (“AWDA”).AWDA aims to provide financial products and solutions powered by advanced big data technology, which will help individuals achieve financial freedom through better and more efficient access to credit. AWDA will offer mobile lending products to retail consumers and provide financial technology solutions to enterprise customers.With accelerating smartphone user growth (growing at a 10.5% CAGR through 2021 ), high internet connectivity (55% internet penetration rate ) and a large, young population of digitally active consumers, Indonesia is an attractive market primed for fintech innovation. AWDA aims to meet the credit demands of the market through its innovative mobile consumer lending platform.AWDA has been officially registered with the Financial Services Authority (OJK) operating under the registration number of S-626/NB.213/2018. AWDA is expected to launch its mobile application, Maucash, in the third quarter of 2018. Maucash (learn more at www.maucash.id or follow Maucash on Instagram @maucash) aims to provide a convenient and seamless purely online borrowing experience, enabling customers to quickly obtain credit anywhere and anytime. AWDA will use big data analytics to generate deep insights and better assess the creditworthiness of borrowers.AWDA will leverage Astra’s renowned local brand, vast distribution network and strong presence in financial services and auto distribution and WeLab’s best-in-class proprietary credit technology and fintech know-how to deliver innovative financial products to consumers in Indonesia.“We look forward to broadening our digital offerings to further promote financial inclusion in Indonesia,” said Suparno Djasmin, Director of Astra. “We constantly look to partner with industry leaders and we believe that WeLab is at the forefront of fintech innovation. Through this partnership with WeLab, we want to offer cutting-edge solutions to empower individuals throughout Indonesia.”Simon Loong, Founder and CEO at WeLab, stated: “WeLab is very excited to expand our fast-growing business beyond China and Hong Kong to our third market, Indonesia. Our expansion demonstrates the scalability of our tech-enabled business model and big data risk management technology. We believe our game-changing technology, combined with Astra’s operational experience running market-leading businesses in Indonesia and strong local presence, will allow us to redefine consumer lending in Indonesia.”About Astra International: PT Astra International Tbk was established in 1957 in Jakarta as a general trading company under the name Astra International Inc. In 1990, for the purpose of the company’s initial public offering (IPO), the name of the company changed to PT Astra International Tbk, followed by listing its shares on the Indonesia Stock Exchange under the ticker code ASII. Astra has developed its business by implementing a business model based on synergies and diversification within seven business segments, consisting of: 1) Automotive, 2) Financial Services, 3) Heavy Equipment, Mining, Construction &amp; Energy, 4) Agribusiness, 5) Infrastructure and Logistics, 6) Information Technology and 7) Property.Astra conducted business operations in all parts of Indonesia under the management of 222 subsidiaries, joint ventures and associates, and was supported by 221,719 employees, as per June 2018. Astra continually aspires to become a corporate citizen that is a pride of the nation, one who is actively involved in the national efforts to improve the welfare of the Indonesian people. To this end, Astra runs business activities by a balanced combination of the business’ commercial interests and non-business contributions through 9 foundations it nurtures, also through ongoing social responsibility programs focused on four basic areas: health, education, environment and small and medium enterprises development.For further information, please visit <a href="https://www.astra.co.id/">www.astra.co.id</a> .About WeLab: Founded in 2013 in Hong Kong, WeLab is reinventing traditional financial services by creating seamless mobile lending experiences. With its proprietary risk management technology, WeLab effectively analyzes unstructured mobile big data within seconds to make credit decisions for individual borrowers. WeLab operates Wolaidai (我来贷), one of China’s largest mobile lending platforms, and WeLend, Hong Kong’s leading online lending platform. The company also partners with traditional financial institutions which utilize WeLab’s technology to offer fintech-enabled solutions to their customers.WeLab was named in a KPMG-sponsored report as one of the top 100 fintech companies in the world – #8 in China and #36 globally – and was ranked by Deloitte as the #1 fastest growing tech company by revenue in Hong Kong and #4 in China. WeLab’s investors include Malaysian sovereign wealth fund Khazanah Nasional Berhad, CK Hutchison’s TOM Group, International Finance Corporation (a member of the World Bank Group), Alibaba Entrepreneurs Fund, China Construction Bank (International), Sequoia Capital and ING Bank.For further information, please visit <a href="https://www.welab.co/">www.welab.co.</a>For media enquiries:WeLab PREmail: pr@welab.co

Astra and WeLab redefine consumer lending in Indonesia by providing next generation financial technology

Hong Kong – WeLab, a leading fintech company in Asia, today announces that Professor K C Chan, former Secretary for Financial Services and the Treasury of Hong Kong Special Administrative Region (HKSAR) and adjunct Professor of Finance at The Hong Kong University of Science and Technology (HKUST), has joined the company as Senior Advisor. His appointment was effective July 6, 2018.“We are tremendously fortunate to have Professor Chan join WeLab and provide us with valuable strategic insights on our business development based on his comprehensive financial market experience and perspectives on the fintech industry. Our Board of Directors is excited for him to join the company and believes that he will help to continue its growth trajectory, create a positive impact on the local fintech scene and further promote financial inclusion” said WeLab Founder and CEO, Simon Loong.Professor Chan has a strong research background and extensive experience in financial markets. Prior to joining WeLab, Professor Chan served as the Secretary for Financial Services and the Treasury of HKSAR from 2007 to 2017, where he focused on developing Hong Kong’s financial markets. Before working in the government sector, Professor Chan served as Dean of Business and Management at The Hong Kong University of Science and Technology. Professor Chan received both his M.B.A. and Ph.D. in finance from University of Chicago after graduating with a bachelor&#x27;s degree in economics from Wesleyan University.“I am delighted to join WeLab, a cutting-edge Hong Kong-based fintech company that is leading the way in innovation” said Professor Chan. “WeLab has established itself as an exceptional and internationally recognized fintech company driven by its professional management team, innovative products and best-in-class technology. As Senior Advisor to the company, I look forward to working closely with the team and helping to take WeLab to new heights.”About WeLabFounded in 2013 in Hong Kong, WeLab is reinventing traditional financial services by creating seamless mobile lending experiences. With its proprietary risk management technology, WeLab effectively analyzes unstructured mobile big data within seconds to make credit decisions for individual borrowers. WeLab operates Wolaidai (我来贷), one of China’s largest mobile lending platforms, and WeLend, Hong Kong’s leading online lending platform. The company also partners with traditional financial institutions which utilize WeLab’s technology to offer fintech-enabled solutions to their customers.WeLab was named in a KPMG-sponsored report as one of the top 100 fintech companies in the world – #8 in China and #36 globally – and was ranked by Deloitte as #1 fastest growing tech company by revenue in Hong Kong and #4 in China. WeLab’s investors include Malaysian sovereign wealth fund Khazanah Nasional Berhad, CK Hutchison’s TOM Group, International Finance Corporation (a member of the World Bank Group), Alibaba Entrepreneurs Fund, China Construction Bank (International), Sequoia Capital and ING Bank.For media enquiries:WeLab PREmail: pr@welab.co

Professor K C Chan Joins WeLab as Senior Advisor

📰  WeLab Bank攻理財服務　累吸客逾萬戶　今年回報贏美股

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WeLab Bank becomes the first virtual bank in Asia to launch a digital wealth advisory service

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📰 [HKET] WeLab C輪融資募12億 阿里巴巴創業者基金追投

🎞️  [CNBC] Banks will have to ‘catch up’ with fintech companies, says virtual bank group CEO

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🎞️  [Bloomberg] WeLab CEO Loong on Fintech, Virtual Banking, Strategy

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🎞️ [Bloomberg] Virtual Banking Is Set to Shake Up Hong Kong

📰 [SCMP]  Former finance secretary Chan Ka-keung joins WeLab

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