Citigroup provides $260 million in asset-backed finance to WeLab Ltd., Hong Kong’s largest online lending platform. Global banking behemoths like Citigroup continue to grasp the promise of digital lending platforms like WeLab.
Citigroup is the only senior underwriter, according to persons who asked not to be identified because the transaction is secret. Citigroup and WeLab, both based in Hong Kong, elected not to respond.
This movement emphasizes virtual banks’ growing influence and trust. WeLab, situated in the Hong Kong Cyberport and one of the founding members of the Hong Kong Web 3.0 Association, is a well-known name in this industry.
WeLab’s loan balance growth has eclipsed pre-pandemic levels this year, thanks to relationships with multinational corporations such as Apple Inc. and Tesla Inc. The company, which is backed by tycoon Li Ka-Shing and Sequoia Capital, has witnessed a 37% growth in loans year on year, and its delinquency rates are much lower than the industry average.
More From The Kangaroo Times