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Hong Kong’s virtual WeLab Bank teams up with Solace to achieve digital ambitions

By Edil Corneille

September 17, 2020

  • Hong Kong
  • Solace
  • Welab Bank
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WeLab Bank, neobank, FinTech, Hong Kong, open banking, challenger bank, smartbank, digital bankingHomegrown virtual bank WeLab Bank has selected Solace as a core component of its technology architecture to establish multi-cloud vendor communication. Using Solace PubSub+, the neobank will run its entire infrastructure on multiple clouds to ensure customer information is well protected and secured. Through the partnership with Solace, WeLab Bank will continue to deliver financial service products to its customers.

Solace’s technology helps the Hong Kong-based bank connect its key backend systems, including Temenos Cloud Core Banking and Fast Payment, to enable event-driven microservices critical for real-time data flow. This allows WeLab Bank to respond to critical business events in an agile and efficient manner, providing customers with a seamless virtual banking experience. In addition, having the entire virtual bank infrastructure in the cloud with a solid foundation that supports high scalability allows it to bring digital services to customers.

“Solace provides us with the scalability necessary to support our vision to become a leading virtual bank in the region. Through a microservices architecture, WeLab Bank can create and deploy innovative products such as GoSave and WeLab Debit Card, one of Asia’s first numberless debit cards. Solace’s secure and scalable messaging backbone has been invaluable in helping WeLab Bank shorten the time-to-market for our current and future digital bank offerings,” said Kenneth Chau, Chief Technology Officer at WeLab Bank.

ALSO, READ: Wolters Kluwer selected by Hong Kong’s virtual livi bank for OneSumX

The neobank announced the launch of its digital services recently in July and reported over 10k account opening applications within 10 days of its launch in Hong Kong. The customer acceptance for these kinds of banks where no physical branches are present is high in the region.

“Solace is proud to be a part of Hong Kong’s digital banking revolution by working with WeLab Bank to bring a next-generation banking experience to fruition,” said Sumeet Puri, Chief Technology Solutions Officer, Solace. “Financial institutions that wish to differentiate themselves and thrive in the rapidly evolving financial services sector must seek new ways to leverage real-time data and provide innovative offerings, or they risk being left behind.”

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