Hong Kong virtual bank WeLab has completed its reorganization, WeLend is now a wholly-owned subsidiary of WeLab Bank
On June 20th, WeLab founder and Group CEO Simon Loong announced that the company has completed its corporate restructuring. WeLend is now a wholly-owned subsidiary of WeLab Bank, and the plan is to expand its Hong Kong business to the next growth stage. WeLab Bank CEO Adrian Li said that the company is rapidly expanding its business plans and improving its profitability. Currently, it serves over 650,000 users and is expected to generate an additional net profit of HKD 800 million in the next five years, with the potential to achieve profitability in 2025.
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