Hong Leong Bank Forms Strategic Alliance with WeBank Technology Services, Collaborating on FinTech Advancements and AI Implementation

KUALA LUMPUR, Malaysia, Jan. 17, 2025 /PRNewswire/ -- In a move that solidifies its position as a leading digital-first financial institution in Malaysia, Hong Leong Bank ("HLB" or the "Bank") today announced a strategic cooperation agreement with WeBank Technology Services, a subsidiary of WeBank, China's largest digital bank. This powerful alliance brings together two organizations committed to pushing the boundaries of financial technology and delivering exceptional customer experiences.

Through this strategic partnership which was signed at the ceremony alongside WeBank Technology Services' financial institution partners from Thailand, Indonesia and Hong Kong respectively, HLB aims to elevate its operational efficiency and leverage cutting-edge AI technology to ultimately deliver even more personalized and impactful financial solutions for its customers and communities.

The Bank will also leverage WeBank Technology Services' expertise in AI to develop automation tools and applications, uplifting the productivity of its salesforce and operational teams. These technology solutions would then be aimed at extending capabilities across data systems, marketing, and campaign management, further improving the Bank's customer-focused offerings and financial solutions.

Kevin Lam, Group Managing Director and CEO of HLB, commented on the transformative potential of this strategic collaboration.

"As a digital-first bank, we have already made significant investments in technology to ensure we provide seamless, innovative, and personalized financial solutions," he explained. "This partnership perfectly complements our strategy. It allows us to further accelerate our growth by leveraging their AI expertise to boost our operational efficiency and deliver even greater service excellence to our customers worldwide.  By combining our strengths and shared commitment to innovation, we will unlock new possibilities for our customers and redefine the banking experience. We are confident that this partnership will accelerate our progress towards becoming the Best Run Bank in Malaysia and a leading force in the digital banking landscape."

HLB was the first bank outside of China to enable merchants to accept Weixin Pay in 2018, simplifying payments for Chinese travelers in Malaysia. Building on this momentum, HLB became the first bank in Malaysia to introduce eKYC and enable end-to-end digital onboarding for customers in 2020. The bank further solidified its digital leadership with the 2022 relaunch of the HLB BizBuddy mobile app, facilitating seamless DuitNow QR payments for merchants. HLB also demonstrated its commitment to AI-driven solutions last year by deploying AI voice bots in its collection operations, resulting in a remarkable 15x increase in productivity.

SOURCE Hong Leong Bank Berhad