Hong Kong fintech unicorn WeLab weighs IPO amid region’s digital finance boom
WeLab founder and CEO Simon Loong. Photo: WeLab’s LinkedIn page
WeLab, a Hong Kong financial technology company backed by billionaire Li Ka-shing, is in talks with investment banks in preparation for an initial public offering expected later this year, according to five people familiar with the situation.
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The total corpus raised by WeLab stands at over $600 million.
WeLab aims to enter another Southeast Asian market within the next two years.
Others who have secured virtual banking licences include JVs of StanChart and BOC Hong Kong and ZhongAn Technologies arm.
WeLab has asked bankers to suspend preparation citing current market volatility.
