Virtual Banking

Hong Kong’s Virtual Bank WeLab Named On the 2020 CNBC Disruptor 50 List

WeLab 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 list of 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 our very own list of top fintech companies in Hong Kong.

WeLab has scaled rapidly over the last few years providing financial services by creating 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

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.”

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.

Featured image credit: Welab Linkedin