WeLab Bank Granted License to Offer Digital Wealth Advisory Servicesby Fintech News Hong Kong April 25, 2022
Virtual bank WeLab has been granted a license from the Hong Kong Securities and Futures Commission (HKSFC) to offer digital wealth advisory services.
Having obtained the Type 1 (dealing in securities) and Type 4 (advising on securities) licenses, WeLab had soft launched its intelligent wealth solution GoWealth Digital Wealth Advisory (GoWealth) for selected customers, with the public launch scheduled for the near future.
GoWealth is WeLab Bank’s wealth management advisory solution which capitalises on the investment expertise of asset management firm Allianz Global Investors (AllianzGI).
According to WeLab, the GoWealth feature is quite intuitive and its navigation will feel like ‘“autopilot”.
The bank added that GoWealth will take a tailored goal-based approach to offer personalised intelligent advisory services to customers through its mobile app.
Interested customers can now preview GoWealth’s interface and get a feel of the feature in WeLab’s app.
Other functions, such as investment advisory, transaction and goal management, will be open to all customers during its public launch.
More details of GoWealth will be unveiled closer to the public launch in the coming months.
Professor KC Chan, Chairman of WeLab Bank said,
“Although Hong Kong enjoys abundant wealth solutions options, according to the findings of a third-party survey, only 1/3 of locals have access to professional financial advice, indicating a substantial unmet needs of wealth management in the market.
In view of this, WeLab Bank has leveraged fintech to fill up the gap in wealth management market by designing a personalised intelligent wealth management advisory solution for all, assisting customers to achieve financial goals with ease.”
Philip Tso, Head of Institutional Business for Asia Pacific at AllianzGI said,
“We are excited to collaborate with WeLab Bank to launch GoWealth, enabling agility and predictability in wealth management through digital-led asset allocation and monitoring.”