Proud to represent Hong Kong on the list alongside a remarkable group of global innovators and disruptors.

• This is WeLab’s first entry to this top 50 list, ranking at #11
• WeLab is the only disruptive company on the list with a banking license, operating a fully digital bank - WeLab Bank
• Putting technology into action, WeLab offered the Government stimulus checks to people over 3 months earlier

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: 2020 CNBC Disruptor 50.

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About WeLab

WeLab 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: www.welab.co, follow WeLab on LinkedIn and Facebook.

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Corporate Communications Team

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