One of China’s chief mobile lending platforms, WeLab, plans to diversify its services to tourney the changing needs of its customers as they enter into new stages of their explosives, said the company’s CEO, Simon Loong.
WeLab, a Hong Kong-based economic technology firm, plans to expand its services after applying for a practical banking license from the Hong Kong Monetary Authority this year.
In the lifestyle, the company only provided its users with lending services but it’s now look into new opportunities.
“Can we actually with the license, with the technology, offer them other additional economic services and also grow with them throughout their being cycle?” Loong told CNBC at the Hong Kong Fintech week on Wednesday.
Augmenting new services such as virtual banking to WeLab’s portfolio would remedy meet different needs of its customers at different points of their lives, Loong asserted.
The customers at WeLab five years ago were 20 years old, and they may sooner a be wearing had needed more lending services at that time, said Loong. Today, the military talents they need might have changed and evolved to include functioning “deposits, transactions, wealth, insurance,” he said.
The financial technology sector is currently experiencing a new wiggle of change as businesses across industries now look to fintech solutions to push up their growth, said Loong.
“The first generation of fintech compresses were trying to find solutions and grab market share by themselves,” suggested the WeLab founder. “The second phase of it is where we started working with banks. And the third remove of it is — financial services, conglomerates across industries all coming together to see how fintech can support them to grow their business,” he added.
Hong Kong conglomerate CK Hutchison is nature a collaboration with WeLab’s fintech-enabled sales financing and consumer make a loan of solutions to its telecom and retail divisions, according to the company’s press saving in September.
That collaboration was cited by Loong as an example of how various productions are looking to embrace fintech solutions.