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April 25, 2022

Hong Kong’s WeLab secures licence to offer robo-advisory services

Hong Kong-based fintech unicorn WeLab has secured licenses from Hong Kong Securities and Futures Commission to launch robo-advisory services.

Dubbed GoWealth, the bank’s intelligent financial advisory service is currently available to select customers on a trial basis.

This service will focus on the goal-based approach and offer customers customised services through mobile phones.

Once GoWealth is officially launched, other services such as investment advice, trading and goal management will be offered to all customers.

WeLab Bank chairman Chen Jiaqiang said: “There are many wealth management products in Hong Kong, but according to a survey conducted by a third party we commissioned earlier, only 1 /3 The interviewed Hong Kong people have access to professional financial advice, and the public’s financial management needs to be ignored by the market.

“In view of this, WeLab Bank uses financial technology to fill the gap in the supply of financial services and provide customers with intelligent financial advisory services, to help the masses simplify complexity and easily achieve financial goals.”

Last year, WeLab signed a strategic partnership with AllianzGI to develop GoWealth utilising the latter’s financial technology and professional investment management expertise.

Allianz Investment Asia Pacific Institutional Business director Tsao Wai-bong said: “We have high expectations for the launch of WeLab Bank’s GoWealth. The service utilizes the advantages of digitalization to flexibly allocate assets and monitor market changes, so as to provide customers with a real-time and systematic wealth management experience.”

Last year, WeLab secured $240m to support its expansion into Indonesia by acquiring Indonesian lender PT Bank Jasa Jakarta.

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