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TechTalk / Treasury & Capital Markets
WeBank establishes technology company base in HK
Chinese digital bank to invest up to US$150 million and create high-tech jobs in the city
The Asset 10 Jul 2024

WeBank, a digital bank founded in Shenzhen, has established its technology company headquarters in Hong Kong. It plans to invest up to US$150 million and create high-skilled technology jobs in the city.

The establishment of WeBank's operations in Hong Kong has been the result of extensive coordination between the Financial Services and the Treasury Bureau (FSTB) and Invest Hong Kong (InvestHK), according to InvestHK director-general Alpha Lau.

“The numerous strategic enterprises that have recently announced the opening of international research and development (R&D) centres and headquarters in Hong Kong is clear evidence that our city possesses clear advantages in enabling globally scaled companies to achieve their ambitions,” Lau says.

WeBank's technology company headquarters in Hong Kong will serve as a base for its R&D activities and provide technology solutions for global markets.

The digital bank provides financial services to over 4.5 million micro, small and medium-sized enterprises (MSMEs) and nearly 400 million individuals in mainland China. This year, International Data Corporation recognized WeBank as the benchmark for the global development of digital banking.

WeBank's capabilities span cutting-edge technologies such as artificial intelligence, blockchain, cloud computing, and big data. It has so far filed over 3,800 patent applications.

On its decision to establish a presence in the city, WeBank president Li Nanqing says: "Hong Kong has emerged as a centre of excellence in global business connectivity and financial technology innovation. It offers us an ideal environment to advance our innovation and expand our international footprint.

“We are excited to contribute to and benefit from the city's dynamic fintech ecosystem, robust infrastructure, and strategic connectivity. We look forward to collaborating with local partners, stakeholders and attracting talent on this exciting next step of our journey."

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