WeLab, a leading mobile lending platform in China, plans to diversify its services to meet the new needs of its customers as they enter new stages of life, the company’s CEO said. Simon Loong.
Hong Kong-based financial technology company, WeLab, intends to inflate its services post applying for license for virtual bank from the Hong Kong Monetary Authority this year.
In the past, the company offered only its loan services to users, but it is now exploring new possibilities. “Can we really offer, with license, technology, other additional financial services and also evolve throughout their entire life cycle?” Loong said on Wednesday at Fintech Week in Hong Kong.
The addition of new services, such as the virtual bank, to WeLab’s portfolio would meet the different needs of its customers at different times in their lives, Loong said.
Five years ago, WeLab customers were 20 years old and they could need more loan services at the time, Loong said. Today, the services they need may have changed and evolved into the management of deposits, transactions, assets, insurance,” he said.
The financial technology industry is undergoing a new wave of changes, as companies from all walks of life are now focusing on Fintech solutions to drive growth, Loong said. Hong Kong Corporation, CK Hutchison is currently working with WeLab’s financial and consumer finance loans and financial lending solutions in its retail and telecom divisions, according to the press release, in September.
Loong called this collaboration an example of how different industries are considering the use of financial technology solutions.
The company also got into alliance with Astra to tap the opportunities in Indonesia with its consumer lending. The joint venture also intends to deliver financial technology solutions dedicated for enterprise customers of Indonesia.