WeLab Digital, a subsidiary of Asian fintech company WeLab Holdings, has secured virtual banking licence in Hong Kong.

The company secured the licence from the Hong Kong Monetary Authority (HKMA).

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It is the fourth virtual banking licence issued by HKMA to support smart banking in the country. Another four applications are currently under consideration.

Earlier, HKMA issued online-only banking licences to joint ventures (JV) of Standard Chartered and BOC Hong Kong, and a subsidiary of ZhongAn Technologies International Group.

In a statement, HKMA said: “Virtual banks will not only help drive FinTech and innovation, but also bring about brand new customer experiences and further promote financial inclusion in Hong Kong.”

WeLab virtual bank is expected to commence services within six to nine months. Once operational, it will be the first local fintech company to establish a virtual bank.

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The company aims to utilise advanced fintech capabilities to offer convenient and diversified retail banking services to customers.

It will leverage artificial intelligence, big data and machine learning and other advanced technologies to develop banking products.

WeLab founder and CEO Simon Loong said: “WeLab will fully dedicate its resources to provide seamless digital financial services built for the customer, leveraging on the proven track record, cumulative knowledge and experience over the last six years.

“As a Hong Kong homegrown innovator and fintech company, we believe that the license is validation and recognition of our innovative mindset and proven fintech capabilities.”