WeLab takes its virtual banking battle to Hong Kong’s bricks-and-mortar lenders with higher rates, rebates in opening salvo
Jul31

WeLab takes its virtual banking battle to Hong Kong’s bricks-and-mortar lenders with higher rates, rebates in opening salvo

Hong Kong’s newest virtual bank is seeking a slice of the city’s banking business by stirring up competition at a time when the Covid-19 outbreak is driving more consumers and businesses to online platforms. WeLab Bank opened for business today after a three-month trial by dangling a 4.5 per cent annual rate on deposits from as little as HK$10 (US$1.30), it said on its debut. The firm will also offer a juicy time-limited 8 per cent...

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WeLab raises US$220 Million in new Strategic Financing
Nov08

WeLab raises US$220 Million in new Strategic Financing

New participants include Alibaba Hong Kong Entrepreneurs Fund and International Finance Corp Significant milestone following world’s second largest fintech Series B financing in 2016 WeLab today announces that it has raised US$220 million of combined Series B+ equity and debt strategic financing and has won the backing of the Alibaba Hong Kong Entrepreneurs Fund, International Finance Corporation (IFC) and other global banks. The...

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