Allianz X invests $75 million in Hong Kong FinTech WeLab

By Leandra Monteiro

Allianz X, the digital investment unit of Allianz, is participating in the Series C financing round of Hong Kong-based FinTech WeLab with an investment of $75 million.

Allianz X’s investment will be instrumental in financing WeLab’s further expansion and enabling the ongoing development of its technological platform. Also marking the start of a deeper strategic cooperation between Allianz and WeLab. Through this partnership, both companies plan to jointly develop digital products and solutions for wealth management, among other things.

This joint effort will begin in Hong Kong with a further expansion plan to the rest of the Greater Bay Area with its 72 million total inhabitants, potentially also to Indonesia and the Southeast Asian markets at a later stage.

Since its founding in 2013, WeLab has grown to be one of the big digital financial service providers in Asia. Its services include digital banking services and loans for private customers, a digital lending platform to connect lenders and borrowers, as well as several technology-driven services to support financial institutions in their lending processes.

In line with Allianz’s growth strategy in Asia, Allianz X has already made several investments in the region. Speaking on the latest happening, Nazim Cetin, CEO of Allianz X said, “In a relatively short amount of time, WeLab has built up a powerful platform for digital financial services and achieved excellent access to private and business customers in Asia, a region of strategic importance for Allianz. WeLab’s high-performance technology platform, in particular, makes it a unique fintech in the Asian markets. The investment in WeLab is a promising one for Allianz both economically and strategically. Together with our partners within Allianz, we look forward to leveraging our strategic partnership with WeLab and the business potential in the region.”

Simon Loong, Founder & Group CEO of WeLab said, “We are thrilled to welcome Allianz as an investor and strategic partner to the WeLab Group. This is a natural partnership where we see a lot of synergies between the whole WeLab Group and Allianz as a leading insurer and asset manager, particularly as we share a focus on delivering advanced technology solutions to customers in Asia. Today, we announce both the new round of funding and a strategic partnership in wealthtech and financial services with WeLab Bank. We look forward to expanding WeLab’s geographical presence and bringing our technology into these new markets with Allianz. We will be expediting our hiring this year, aiming to add around 100 hires, as investing in people and culture will be key to support future growth.”

Desmond Ng, Head of Asia Pacific at Allianz Global Investors shared, “Asia is home to some of the most dynamic wealth management and banking markets of the world. Hong Kong, in particular, is a significant market for us. With the second-highest bank deposits per capita in the world, it is a very attractive wealth management market. The potential strategic cooperation with WeLab presents an exciting opportunity for Allianz Global Investors as an integral part of our growth strategy in Asia.”