Wealth Management: Hong Kong’s WeLab Bank Innovates Theme-based Fund Platform to Disrupt Traditional Model

WeLab Bank, which claims to be the most innovative bank in Hong Kong, announced the expansion of its wealth management services with the launch of their new Featured Fund Platform.

WeLab Bank ventured into wealth management business last year, “pioneering a personalized and intelligent investment experience for tech-savvy customers.”

The Bank debuted its digital wealth advisory solution GoWealth, “which was widely welcomed by customers immediately after its launch.”

Currently, over 10k customers have “activated their wealth management accounts, and the number of users and investment amounts are also growing rapidly.”

Building on the success of GoWealth, WeLab Bank has recently “launched a new Featured Fund Platform to create a simpler and more direct fund investment experience.”

WeLab Bank has noticed “that many customers with investment experience in funds have expressed their dissatisfaction with the traditional trading models.”

They find it difficult “to obtain professional fund recommendations, and the preparation work is complicated with high subscription fees.”

There is a demand for “a disruptive fund platform to rewrite the legacy model.”

WeLab Bank strives “to elevate the market benchmark and address these pain points by helping customers make investment decisions easier.”

The Featured Fund Platform consolidates “the latest market intelligence for customers, provides hottest investment themes and fund choices, and offers greater flexibility and control over their investment strategy.”

Unlike other similar services in the market, the platform “adopts a monthly fee model – a game-changer to the market that it enables customers to adjust their investment portfolios depending on the market condition without incurring additional costs, saving nearly 90% in transaction costs compared to other platforms.”

To encourage customers to experience the simple, flexible service first-hand, WeLab Bank is waiving “all fees from today until 4 August 2023.

The Featured Fund Platform will “complement the existing digital wealth advisory solution GoWealth by catering to different customer segments.”

As noted in the update shared with CI, WeLab Bank’s Featured Fund Platform “offers 20 investment themes in the launch phase, covering funds across multiple asset classes, including AI technology, health science, ESG, and more.”

Customers can “adjust their investment strategies at any time based on their investment strategy and market conditions.”

Unlike traditional fund trading platforms that only provide transactional functions, WeLab Bank’s Featured Fund Platform “simplifies the information collection and analysis of fund investments for its customers.”

The Bank has partnered “with top fund managers worldwide (including Allianz Global Investors, BlackRock, Fidelity, Invesco, Janus Henderson, J.P. Morgan Asset Management, PIMCO, and Schroders) to furnish popular investment themes.”

It integrates and analyzes industry information “on different topics and cherry-picks high-quality funds for each investment theme.”

With this service, WeLab Bank supports customers “to stay on top of market trends and make wise investment decisions.”

Taking the total return of the past three years as an example, “the ESG equity theme on WeLab Bank’s Featured Fund Platform has increased by as high as 37%.”

The health science and the AI technology themes “have also grown by 35.9% and 27.5% respectively.”

As mentioned in the announcement, WeLab Bank says it “understands that customers want to shake off traditional bank’s commission model that charges on a per-transaction basis; what they need is the freedom to timely adjust their fund allocations based on market conditions.”

Therefore, WeLab Bank’s Featured Fund Platform has “adopted a new fee model. Customers are now charged an ultra-low flat monthly fee of just 0.08% based on the total value of their selected funds.”

With this model, investment decisions are “no longer hindered by transaction fees and customers can trade their funds as many times as they see fit, saving nearly 90% in transaction costs compared to traditional charging model.”

From now on, the costs of making investment decisions “are greatly axed; customers will be able to seize every market opportunity without the transaction fee hurdle.”

Even in volatile market conditions, customers can “rebalance their portfolios anytime without hassle.”

From today until 4 August 2023, all Featured Fund Platform customers are “entitled to monthly fee waivers.”

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