Digital Bank WeLab Gaining Traction in Hong Kong

WeLab is one of eight virtual banks that have received banking licenses from the Hong Kong Monetary Authority this year; WeLab has raised $220 million in venture capital from A-list backers including Alibaba, China Construction Bank, ING, Credit Suisse and others; they launched their online lending platform, called Wolaidai, in 2013 in Hong Kong and a year later in China where it is called WeLend; today, they have 36 million customers, making them the second largest online lender in China after Ping-An; the company has been profitable since 2017 and had planned and IPO in late 2018 but they decided against going through with it. Source.