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Enoch Yiu

The Hong Kong government’s investment arm is keen to leverage the expertise of its latest investee – fintech unicorn WeLab – to support start-ups from the city looking to expand in Southeast Asia.
Hong Kong Investment Corp (HKIC), which manages HK$62 billion (US$8 billion) of funds, on Thursday formed a partnership with WeLab after acquiring an unspecified stake in the consumer finance company.
The strategic partnership with WeLab “marks another milestone in the HKIC’s investment journey”, said Clara Chan Ka-chai, CEO of HKIC, adding that the fund has invested in more than 100 projects so far.
“Every Hong Kong dollar invested by the HKIC has attracted over HK$4 from long-term capital for investment,” she added.

HKIC’s outlay in WeLab is its first publicly known investment in a consumer finance company, which could lead to further investments in start-ups targeted at consumers.
“The partnership also aims to bring local start-ups from Hong Kong to expand in Southeast Asia, as seen from WeLab’s network there,” she said. “We would also like to invest in quality start-ups [looking] to set up regional headquarters and list in Hong Kong.”
WeLab, whose investors include billionaire Li Ka-shing, serves 70 million customers across Asia via its online lending platform WeLend and two digital banks in Hong Kong and Indonesia, WeLab Bank and Bank Saqu.
In September, it teamed up with Bangkok-based Lighthub Asset to bid for a virtual banking licence in Thailand.
“From Hong Kong to Jakarta, we have proved that digital banking is a profitable and scalable business model,” said Simon Loong, founder and group CEO of WeLab.
Financial Secretary Paul Chan Mo-po, who attended the signing ceremony, said the partnership between HKIC and WeLab “can assist more local and regional enterprises to leverage artificial intelligence and fintech, thereby unlocking their potential to support economic development across Asia”.
“HKIC is driving forward the vision together with WeLab, whose success in the Indonesian market and its plan to expand to Thailand are closely aligned with our overarching goals and strategies,” he said.
Asked about the impact of the recent market turmoil on its investment strategy, HKIC’s Chan said the market volatility could bring down the valuation of some companies, which might present some good long-term investment opportunities.
“The HKIC and other investors are taking a long-term view of their investments,” she said.
The Hang Seng Index rose 2.1 per cent on Thursday after slumping 13.2 per cent on Monday, its worst single-day loss since October 1997, due to fears over an escalating global trade war.
She also said HKIC would host a seminar on long-term investment potential in the technology sector at the end of May and lead a delegation to Southeast Asia in the coming months to look for new opportunities.
Loong said WeLab has been developing AI for some time, and the funding from HKIC would further support its technology upgrade and expansion in Southeast Asia.
“As we move on to an era of Generative AI (GenAI), we are also among the first banks in Asia to deploy large language models locally,” Loong said, referring to the technology behind GenAI services like ChatGPT.
“Our AI fraud technology has been instrumental in combating financial crimes in Hong Kong and Indonesia,” he said. “As we expand into new markets like Thailand, we have offered to share our fraud detection technology and experience with Thai government bodies, including the Royal Thai Police.”
He also said that WeLab would make the Hong Kong stock exchange its top priority when it comes to listing in the future.


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Hong Kong Investment Corporation and WeLab signed a strategic partnership on Thursday. Photo: Edmond So

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Clara Chan, CEO of Hong Kong Investment Corp. Photo: Enoch Yiu

Financial Secretary Paul Chan (centre) with SmartMore founder and chairman Jia Jiaya (left) and HKIC CEO Clara Chan at the strategic partnership signing ceremony on June 12. Photo: Sun Yeung

Business

Banking & Finance

News

Hong Kong

Hong Kong Economy

Tech

The Hong Kong government’s investment arm has acquired an unspecified stake in the Li Ka-shing-backed consumer finance company


The Hong Kong government’s investment arm has acquired an unspecified stake in the Li Ka-shing-backed consumer finance company.


HKIC backs fintech unicorn WeLab to bring Hong Kong start-ups to Southeast Asia

The Hong Kong government’s investment arm has acquired an unspecified stake in the Li Ka-shing-backed consumer finance company

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