WeLab noted that in 2024, their regional expansion strategy has achieved considerable success, with the group now serving nearly 70 million users across Hong Kong, Mainland China, and Indonesia.
According to the update from WeLab, this momentum propels them closer to their ambitious goal of serving 500 million users by 2032 in APAC.
WeLab said they are pleased that their Indonesian digital bank, Bank Saqu, has garnered nearly 2 million customers in just one year, with 40% being solopreneurs.
WeLab added that this momentum stems from launching innovative products tailored “to the financial management habits of this underserved segment.”
Building on this success, they are now confident in further expanding their footprint into more ASEAN countries.
They have reportedly submitted their application for a digital banking license in Thailand this past September, aiming to enable greater financial inclusion in the country.
For their HK segment, WeLab Bank also marks a year of key milestones.
With enhanced synergy and accelerated growth following the successful corporate reorganization, their lending operations have reportedly grown to become one of the largest among digital banks.
And beyond business growth, WeLab said that they remain committed to fintech innovation, delivering “a wide range of new products and advanced digital banking services.”
From USD accounts to seamless remittance solutions and policy loans, their offerings are tailored to meet “evolving customers’ needs and elevate their banking experience.”
Looking ahead to 2025, they’re ready to become one of Asia’s profitable digital banks.
As covered, WeLab, a pan-Asian fintech platform, operates WeLab Bank as well as multiple online financial services in Hong Kong, Mainland China, and Indonesia.
WeLab uses innovative technology to help users “access credit, save money, and enjoy their financial journey.”
Powered by risk management technology, privacy computing techniques, and advanced AI capabilities, WeLab offers mobile-based consumer financing solutions and digital banking services “to retail individuals and technology solutions to enterprise customers.”
WeLab has presence in four markets under multiple brands, including WeLend, and WeLab Bank in Hong Kong, various business lines in Mainland China, Maucash and Bank Saqu in Indonesia.
WeLab is backed by investors including the following: Allianz, China Construction Bank International, International Finance Corporation (a member of the World Bank Group), CK Hutchison’s TOM Group, and Sequoia Capital.