Q&A: Decoding Hong Kong’s Digital-Only Banks — WeLab Bank

January 14th, 2022

With contributors:

Frederic Giron , Zhi-Ying Barry , Tianchen Feng , Bill Nagel

Summary

WeLab Bank, backed by eight-year-old consumer lending fintech WeLab Group, is Hong Kong’s first homegrown virtual bank. In the 12 months after its launch in July 2020, WeLab Bank acquired more than 100,000 customers and achieved some of the early goals in its vision to adopt a customer-led approach to help customers save money and to manage and grow their wealth. Digital strategy leaders at banks can use this report — the third in a series about Hong Kong digital banks — to understand WeLab Bank’s vision, strategy, business model, and future roadmap.

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