Ex-Hong Kong Secretary for Financial Services and the Treasury Chan Ka-keung joins WeLab virtual bank
Online lender among first batch of 29 applicants for virtual banking licences
Former Hong Kong Secretary for Financial Services and the Treasury Chan Ka-keung has joined WeLab Virtual Bank, which has applied for a licence in the city, as chairman, he said on Tuesday.
Chan joined WeLab, the virtual bank’s parent company, as a senior adviser in July, his first appointment since leaving the government in July 2017. WeLab, an online lender, serves more than 30 million customers in Hong Kong and mainland China.
Hong Kong draws 29 applications for virtual bank licences
The financial technology company, a home-grown Hong Kong unicorn, is also among the first batch of 29 applicants for virtual banking licences, which will be issued by the Hong Kong Monetary Authority, the city’s de facto central bank.
“WeLab is a home-grown fintech company, which has a sound risk-management system. It has invested in technology and security measures to provide innovative banking services to customers. As I am confident about the future of the company, I have agreed to take up the chairman’s role,” Chan told the media on Tuesday. He will, however, “only act as non-executive chairman”.
“It is a very positive move for the HKMA to introduce virtual banking this year, as well as its Faster Payment System this week. These are very important measures for Hong Kong,” he added.
