TechFlow reported on January 17 that Hong Kong fintech group WeLab has announced the completion of a $220 million (approximately over HK$1.7 billion) Series D strategic financing round led by HSBC, with participation from Prudential Hong Kong, Fubon Bank (Hong Kong), Hong Kong Investment Corporation (HKIC), TOM Group, and Allianz Group. The new funds will be used to expand operations and support WeLab’s previously announced artificial intelligence (AI) initiatives through diversified financial products and accelerated customer growth. WeLab is a founding member of the Hong Kong Web3.0 Association and was granted a virtual banking license (now referred to as a digital banking license) by the Hong Kong Monetary Authority in 2019. It is also a member of the Hong Kong Institute of Bankers (HKIB) and secured $260 million in asset financing from Citibank in 2023.
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