WeLab Digital Limited was awarded Hong Kong’s fourth online-only banking licence on Wednesday, the Hong Kong Monetary Authority said in a statement, giving the fintech company access to a lucrative retail banking market in the Asian financial hub.
WeLab is a fintech company that offers mobile lending services primarily in Hong Kong and mainland China.
The HKMA had previously granted virtual banking licences to joint ventures of Standard Chartered and BOC Hong Kong as well as to a subsidiary of ZhongAn Technologies International Group, the international arm of Chinese online insurer ZhongAn Online P&C Insurance.
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