The Hong Kong Investment Corporation (HKIC) and WeLab, a leading pan-Asian fintech platform, have come together in a strategic partnership to accelerate AI innovation and application in fintech, proliferate financial innovation, and enhance fintech talent development, with a view to promoting inclusive finance in Asia.

The investment by the HKIC and its strategic partnership with WeLab, Hong Kong's largest fintech company which has grown locally and expanded into Southeast Asia, will attract greater market attention and capital flow to Asia. This will strengthen and enhance Hong Kong's competitiveness and influence as an international financial and innovation technology centre, adding momentum to the local economy. WeLab places significant emphasis on the development of the Asian market and the potential of artificial intelligence (AI). Leveraging its strong regional presence in Indonesia, WeLab’s second digital bank, Bank Saqu, successfully garnered over two million customers in just one year. WeLab is actively pursuing a regional growth strategy, with Thailand as a key target for its third digital banking licence. WeLab plans to harness generative AI and develop innovative AI agents that elevate financial services to a realm, where digital services are beyond fast and cost-effective, but offer more tailored financial solutions that dynamically respond to customers’ personalised needs and behaviours.

Following the strategic partnership kick-off ceremony, the "Pioneering AI Finance ‧ Empowering Asia’s Digital Future" Summit was held, bringing together leaders from the financial industry to explore innovation in AI-driven financial services arena and promote digital financial development in Hong Kong and Asia.

The ceremony was witnessed and addressed by Paul Chan, financial secretary of Hong Kong SAR Government, along with Clara Chan, CEO of the HKIC, and Simon Loong, founder and group CEO of WeLab, and Ranida Chamchalerm, deputy consul-general of Thailand in Hong Kong.

Chan said, "Hong Kong’s vision is to build a fintech ecosystem where innovation thrives and technology serves as a force for good. I’m pleased to note that the HKIC and WeLab are collaborating to drive forward this vision. This strategic partnership will assist more local and regional enterprises to leverage AI and fintech, unlocking the potential of finance to support the economic development across Asia. At the same time, it will inspire more cross-sectoral innovation and support talent development for the fintech sector."

Clara Chan, CEO of HKIC, said, "The HKIC has been very focused on investment in three key themes relating to technology and closely monitoring the development and application of technology in finance as one of the leading industries in Hong Kong, particularly the integration of open-source AI large language models to explore new AI-based solutions for smart finance and inclusive development in a target-oriented manner. This approach will provide practical scenarios and support for the advancement of smart finance in Asia, enrich the development of Hong Kong’s capital market and enhance Hong Kong’s strengths as an international finance centre. With the HKIC’s support, our strategic partners, including WeLab, will be able to play to their strengths and collaborate more effectively, offering greater support for the local and international development of Hong Kong’s technology companies."

Simon Loong, founder and group CEO of WeLab, said, "For over a decade, WeLab has thrived in Hong Kong, becoming a leading Asian growth story thanks to the support of local governments and the vibrant tech community. We are proud to have made a significant positive impact on the region. Yet our ambition is even bigger: to establish the first leading regional digital bank, and to deliver AI-powered financial services to 500 million users by 2032. With the HKIC's support, WeLab aims to elevate Hong Kong's leadership in developing advanced technology in financial services, driving financial inclusion and innovation throughout Asia."

The "Pioneering AI Finance ‧ Empowering Asia’s Digital Future" Summit, held immediately after the strategic partnership kick-off ceremony, delved into discussions on how to drive the development of smart finance and digital financial services in Asia from various perspectives. The first discussion session focused on leveraging Hong Kong's advantages as an international financial centre to drive the digital transformation of ASEAN's banking and fintech sectors. The second session concentrated on diversified capital market strategies to better support enterprises in deepening their presence in the Asian market. Panelists unanimously pointed out that Hong Kong's status as an international financial centre plays a crucial role in driving AI-enabled financial innovation, digital financial development, and more efficient financial integration.

With an eye on developing future leaders, WeLab is committed to nurturing talent within its team and the next generation. As part of this strategic partnership, WeLab aims to upskill 100% of staff by 2025 through training programmes focused on AI-driven financial skills, fostering innovation and continuing to lead the future development of fintech.

Re-disseminated by The Asian Banker