Investment Press Release

Prudential, HSBC Join $220M Series D for WeLab’s Pan-Asian Digital Banking Push

By StartupStory | January 15, 2026

Hong Kong-based fintech powerhouse WeLab has closed its largest-ever funding round – $220 million Series D – backed by heavyweights Prudential Hong Kong, HSBC, Fubon Bank, Hong Kong Investment Corporation (HKIC), TOM Group, and Allianz X, marking Asia’s biggest digital banking capital raise of 2026.

The debt-equity mix fuels WeLab’s ambition to dominate Southeast Asia while cementing Hong Kong leadership through AI-driven wealth management and diversified lending. With 70 million+ users across digital banks (WeLab Bank HK, Bank Saqu Indonesia) and 700+ enterprise clients, WeLab processes billions in loans annually.

AI-Powered Digital Banking at Continental Scale

Founded in 2013 by ex-Citigroup banker Simon Loong, WeLab evolved from P2P lending to full-stack financial services across Hong Kong, Mainland China, and Indonesia. Core offerings span:

Consumer Franchise:

WeLend: Instant mobile loans (HK$10K-500K)
WeLab Bank: Largest HK digital bank by revenue – deposits, wealth, payments
Bank Saqu: Indonesia’s fastest-growing virtual bank

B2B Engine:

Enterprise lending APIs for e-commerce platforms
AI credit scoring white-labeled to 200+ partners

Recent AI strategy + Google Cloud partnership delivers personalized wealth agents, dynamic pricing, and fraud detection at 99.9% accuracy.

Capital Deployment: Regional + Category Expansion

$220M attacks three strategic vectors:

Southeast Asia Blitz: Indonesia acceleration + Thailand/Vietnam launches. Bank Saqu targets 10M users by 2028.

Hong Kong Dominance: Wealth management vertical (MPF, bonds, crypto ETFs) capturing 20% market share from traditional banks.

AI + M&A: New business lines (insurtech, SME banking). Strategic acquisitions in Indonesia fintech consolidation.

HKIC’s Pan Gang called WeLab “Hong Kong’s fintech ambassador,” while Prudential HK eyes bancassurance synergies.

Perfect Timing: Digital Banking Inflection

WeLab converges four regional forces:

Open banking mandates: HK Phase 3, Indonesia BI-FAST unlock data flows
Wealth transfer: $20 trillion Asia HNWIs need digital onboarding
China normalization: HK becomes Southeast gateway post-regulatory tightening
AI maturity: Inference costs enable real-time personalization

2025 awards: Euromoney “Best Digital Bank HK,” FinanceAsia “Top Innovator.”

Path to Regional Super-App

Series D positions for IPO readiness 2028 at $3-4B valuation. Indonesia expansion + HK wealth capture drives $1B revenue trajectory.

Competitive positioning:

Metric             WeLab     ZA Bank    Mox Bank

HK Deposits        #1        #3         #2

User Growth        45% YoY   28%        22%

AI Personalization Full-stack Partial    Basic

WeLab proves digital banks win through integrated ecosystems, not feature parity. Prudential/HSBC bet confirms Hong Kong fintech’s continental breakout – from P2P curiosity to Asia’s next banking unicorn.

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