Hong Kong-based digital bank WeLab recently revealed that it has introduced its virtual wealth advisory service, GoWealth Digital Wealth Advisory.
Clients may kick start their personalized investment plans from as low as HKD 100.
In April 2022, WeLab had been granted Type 1 (dealing in securities) and Type 4 (advising on securities) licenses from the Hong Kong Securities and Futures Commission (HKSFC).
After obtaining these permits, WeLab’s product offering attracted more than 65,000 beta users in just a 2-month timeframe.
GoWealth leverages the investment expertise of asset management company Allianz Global Investors (AllianzGI) in order to allow WeLab’s clients to reach their financial goals with an end-to-end/comprehensive approach.
It provides financial planning and investment portfolio suggestions to fund transactions and financial goal tracking via the WeLab app.
Tat Lee, CEO at WeLab Bank, stated:
“By providing goal-based end-to-end investment, we are enabling everyone to get easy access to professional financial advisory in our mobile app. On this occasion, by launching GoWealth, we are proud to become Asia’s 1st purely-digital bank to launch a digital wealth advisory solution.”
Philip Tso, Head of Institutional Business for Asia Pacific at AllianzGI, remarked:
“We are excited to collaborate with WeLab Bank and deliver our expertise to more customer segments through fintech. GoWealth relies on the extensive portfolio simulation methodology and AllianzGI’s expertise in and investment management. We believe we can work with WeLab to help democratize digital wealth management solutions for more customers in the city, helping them achieve their financial goals and needs.”
As reported earlier, Indonesia-based conglomerate PT Astra International through its subsidiary PT Sedaya Multi Investama (SMI), along with Welab Sky, a consortium headed by WeLab, plans to jointly acquire PT Bank Jasa Jakarta (BJJ).
As of 2021, WeLab Sky maintained a 24% stake in BJJ. After the completion of this transaction which is subject to acquiring regulatory clearance, WeLab Sky and SMI will maintain a 49.56% stake in BJJ.
The transaction had been made with the intention to transform BJJ into a virtual bank that will offer accessible and innovative digital banking services.
This deal brings together Astra’s business ecosystem and established industry experience as well as extensive distribution network in Indonesia’s financial services industry with WeLab’s expertise and tech for virtual banking businesses.
This is Astra and WeLab’s second partnership initiative after establishing a Fintech lending joint initiative, PT Astra WeLab Digital Arta (AWDA) in 2018.