The funding will allow the bank to apply "innovative technologies" in the region & "roll out additional products and services."
WeLab, one of the eight companies authorized by the Hong Kong monetary authority to operate a virtual bank, announced on December 13th that it had raised the equivalent of $156 million in Series C strategic financing round. According to local media outlet Fintech News, the round was “one of the largest fintech fundraising rounds in Greater China.”
Investors who contributed to WeLab include Alibaba Hong Kong Entrepreneur’s Fund and the China Construction Bank.
Simon Loong, Founder and Group CEO of WeLab, said that “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,” Loong explained, cited by Fintech News.
The announcement came during an interview with Bloomberg when Loong also said that he hopes to have the platform up and running by the end of this year. However, more recent statements have indicated that WeLab will launch in 2020.
The advantages of being “mobile first”
Loong has previously stated that he believed that WeLab and other virtual banks have an advantage due to being “mobile first” because they are free from dealing with legacy systems.
Similarly, Nischal Shetty, CEO and founder of India-based cryptocurrency Exchange WazirX, said in a recent interview with Finance Magnates that online financial platforms have the power to reach corners of India that more traditional, brick-and-mortar banks were never able to establish themselves in.
“When you look at India as a [financial] market, India is very heavy on the mobile side of things,” rather than brick-and-mortar institutions, such as banks,” Shetty told Finance Magnates.
“India has, I think, skipped the tech-stop revolution and moved directly to the mobile revolution. Everyone has a mobile phone here,” he continued. “At the time when we were launching, you’ll be surprised to know that there was no [exchange] that had mobile apps on both platforms–either they had it on iOS or Android, and these were all buggy, with really low ratings.”
In an interview with CNBC conducted in November, Loong said that "fintech companies are offering newer technology and better customer service experiences, and banks will have to catch up."
"Fintech companies are offering newer technology and better customer service experiences, and banks will have to catch up." - Simon Loong of Hong Kong virtual bank WeLabhttps://t.co/PSXzvfS0K8
Finance Magnates previously reported in 2016 that WeLab raised $160 million in a Series B round led by Malaysian sovereign wealth fund Khazanah Nasional Berhad and including investments from ING Bank and state-owned Guangdong Technology Financial Group (GTFG)
WeLab, one of the eight companies authorized by the Hong Kong monetary authority to operate a virtual bank, announced on December 13th that it had raised the equivalent of $156 million in Series C strategic financing round. According to local media outlet Fintech News, the round was “one of the largest fintech fundraising rounds in Greater China.”
Investors who contributed to WeLab include Alibaba Hong Kong Entrepreneur’s Fund and the China Construction Bank.
Simon Loong, Founder and Group CEO of WeLab, said that “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,” Loong explained, cited by Fintech News.
The announcement came during an interview with Bloomberg when Loong also said that he hopes to have the platform up and running by the end of this year. However, more recent statements have indicated that WeLab will launch in 2020.
The advantages of being “mobile first”
Loong has previously stated that he believed that WeLab and other virtual banks have an advantage due to being “mobile first” because they are free from dealing with legacy systems.
Similarly, Nischal Shetty, CEO and founder of India-based cryptocurrency Exchange WazirX, said in a recent interview with Finance Magnates that online financial platforms have the power to reach corners of India that more traditional, brick-and-mortar banks were never able to establish themselves in.
“When you look at India as a [financial] market, India is very heavy on the mobile side of things,” rather than brick-and-mortar institutions, such as banks,” Shetty told Finance Magnates.
“India has, I think, skipped the tech-stop revolution and moved directly to the mobile revolution. Everyone has a mobile phone here,” he continued. “At the time when we were launching, you’ll be surprised to know that there was no [exchange] that had mobile apps on both platforms–either they had it on iOS or Android, and these were all buggy, with really low ratings.”
In an interview with CNBC conducted in November, Loong said that "fintech companies are offering newer technology and better customer service experiences, and banks will have to catch up."
"Fintech companies are offering newer technology and better customer service experiences, and banks will have to catch up." - Simon Loong of Hong Kong virtual bank WeLabhttps://t.co/PSXzvfS0K8
Finance Magnates previously reported in 2016 that WeLab raised $160 million in a Series B round led by Malaysian sovereign wealth fund Khazanah Nasional Berhad and including investments from ING Bank and state-owned Guangdong Technology Financial Group (GTFG)
Rachel is a self-taught crypto geek and a passionate writer. She believes in the power that the written word has to educate, connect and empower individuals to make positive and powerful financial choices. She is the Podcast Host and a Cryptocurrency Editor at Finance Magnates.
Why Are Aussies Clinging to Their Credit Cards in the Age of Digital Wallets?
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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