WeLab Bank, one of the fastest-growing virtual banks licensed by the Hong Kong Monetary Authority, announced today that it has introduced GoWealth, a digital wealth advisory solution powered by AllianzGI.
WeLab Bank highlighted that one of the key objectives of the recently introduced product is to deliver a goal-based investment experience to clients. Customers who are interested in GoWealth will be able to start with a minimum amount of HKD 100.
WeLab Bank is one of the most valuable fintech startups in Asia. Last year, the platform raised $75 million in a funding round led by Allianz X, the digital investment unit of the financial services giant, Allianz Group.
"Most of the existing wealth management services focus on high-net-worth customer segments; some relationship managers cease following up and stop tracking investment performance after customers buy investment products. Understanding these pain points, WeLab Bank is determined to digitalize and democratize wealth advisory through GoWealth. By providing goal-based end-to-end investment, we are enabling everyone to get easy access to professional financial advisory in our mobile app,” WeLab Bank’s Chief Executive, Tat Lee said in the announcement.
Asia’s Wealth Management Industry
Wealth management is thriving in Asia as the region is home to some of the world’s fastest-growing economies. Lee believes that GoWealth will play an important role in the expansion of the region’s wealth management industry due to its technology-driven approach.
AllianzGI’s Head of Institutional Business for the Asia Pacific, Philip Tso, stated: "We are excited to collaborate with WeLab Bank and deliver our expertise to more customer segments through fintech. GoWealth relies on the extensive portfolio simulation methodology and AllianzGI's expertise in investment management. We believe we can work with WeLab to help democratize digital wealth management solutions for more customers in the city, helping them achieve their financial goals and needs."
