WeBank Technology Services Embarks on Global Expansion, Bringing Expertise in FinTech to New Markets
HONG KONG, Jan. 20, 2025 /PRNewswire/ -- On January 16, 2025, WeBank Technology Services ("the Company") marked a key milestone in its global expansion with its inaugural ceremony in Hong Kong. The event was attended by senior representatives from WeBank and WeBank Technology Services, government officials from Shenzhen and Hong Kong, and international partners. During the ceremony, WeBank Technology Services signed several partnerships, underscoring its technological prowess and expanding global presence.
Among the agreements signed were partnerships with Mega Corp from Indonesia, SCBX from Thailand, Hong Leong Bank from Malaysia, and Fusion Bank from Hong Kong SAR. These agreements, focused on digital banking infrastructure and digital transformation, represent a key step in WeBank Technology Services' international collaboration efforts and highlight its technical strengths and global influence, offering innovative solutions to clients worldwide.
The launch of WeBank Technology Services is a significant part of WeBank's strategy to seize global opportunities in digital development. From its Openhive-based core banking system to multiple international recognitions, WeBank has become a leader in the financial technology sector. This solid foundation positions WeBank Technology Services to serve partners worldwide from Hong Kong. The Company's global expansion enhances WeBank's leadership in financial technology.
"WeBank Technology Services, supported by Hong Kong's open business environment, aims to become a hub for technology services delivery, innovation, and sales while remaining committed to advancing the development of the Greater Bay Area," said Li Nanqing, President of WeBank and Chairman of WeBank Technology Services. "We are also collaborating with local financial partners by offering reliable digital solutions, which supports Chinese companies aiming for international markets and upgrading services and technology."
As a subsidiary of Shenzhen-based WeBank, WeBank Technology Services is positioned in Hong Kong as the Company's technology headquarters. This strategic location fosters financial collaboration between Shenzhen and Hong Kong, facilitating financial development and high-quality connectivity in the Greater Bay Area.
A Strong Commitment to Cross-Boundary Collaboration
WeBank Technology Services is already playing a key role in cross-boundary collaborations, contributing to projects like the Shenzhen-Hong Kong Cross-Boundary Data Validation Platform. This platform enables secure, efficient digital solutions for sectors such as finance, education, and healthcare, driving digital transformation across the Greater Bay Area.
For example, the Company worked with a local university to enhance information exchange and compliance verification in education, improving the efficiency of academic cooperation. Additionally, WeBank Technology Services contributed blockchain technology to the Hong Kong Monetary Authority's Ensemble project, driving innovation in Hong Kong's tokenized markets.
The Company has also demonstrated its technological capabilities through strategic partnerships with local financial institutions in Hong Kong. One example is its collaboration with Fusion Bank to integrate and upgrade the latter's core banking systems across five key business areas, including retail deposits, retail loans, corporate deposits, corporate loans and foreign exchange services, leveraging its proprietary Openhive digital banking technology. This significantly reduced Fusion Bank's IT operating costs while enhancing its digital service capabilities, establishing a benchmark for fintech collaboration in Hong Kong.
Expanding into Global Markets with Strategic Partnerships
With expertise in digital finance, infrastructure solutions, and AI-native technology, WeBank Technology Services is now setting its sights on expanding its fintech innovation globally.
From its base in Hong Kong, WeBank Technology Services has rapidly built an expanding network of international partners, with over 20 enterprises and institutions across regions such as Southeast Asia, Saudi Arabia, and Hong Kong. Notably, the Company has leveraged its proprietary technologies to accelerate digital transformation in Southeast Asia.
In Indonesia, WeBank Technology Services developed a next-generation core banking system for Allo Bank, enhancing its operational flexibility and resilience. By incorporating AI, big data, and cloud computing, the collaboration optimized Allo Bank's digital services, improving efficiency and reducing costs, while also broadening financial coverage.
Supporting the Overseas Expansion of Chinese Enterprises
In addition to collaborating with international businesses and institutions, WeBank Technology Services also seeks to support the overseas development of Chinese companies. WeBank Technology Services' proprietary technology systems provide the flexibility and efficiency necessary for industries to thrive in the digital era. The relevant solutions are especially critical as global competition intensifies and economies recover, benefiting industries and businesses around the world.
For instance, as Chinese companies expand into global markets, they often encounter challenges in accessing reliable and efficient local financial services. By partnering with WeBank Technology Services, which offers robust technological capabilities and digital solutions, local financial institutions can better meet the needs of Chinese enterprises operating abroad. This collaboration will further help local institutions address challenges in supply chain finance for enterprises engaged with Chinese companies.
Moving Forward
WeBank Technology Services strives to make Hong Kong a global gateway for its digital infrastructure and international expansion. The Company will continue to play a pivotal role in the development of the Greater Bay Area, driving regional economic growth, and will also work to expand its global reach, forging new partnerships with financial institutions worldwide to provide premium digital services to clients globally.
Leveraging its expertise in digital finance, AI, big data, and blockchain, WeBank Technology Services is committed to leading the digital transformation of the global financial system, delivering safer, smarter, and more efficient services, and fueling the growth of the global digital economy.
About WeBank Technology Services
Launched in Hong Kong in June 2024, WeBank Technology Services sets out to leverage WeBank's cutting-edge fintech capabilities and digital finance best practice to deliver a variety of superior digital finance and digital infrastructure solutions to digital banks, financial institutions, government agencies, and industry partners worldwide.
About WeBank
Launched in 2014, WeBank Co., Ltd. ("WeBank") is the first digital bank in China. WeBank provides convenient financial services to micro-, small- and medium-sized enterprises (MSMEs) and the public, and continuously improves the quality of services in response to customers' specific needs. WeBank ranked No. 1 in The Asian Banker's Global Top 100 Digital Banks in 2022 and 2023. By June 2024, WeBank has served over 400 million retail customers and 5 million MSMEs.
WeBank focuses on innovation and technology. WeBank has maintained its proportion of technical personnel above 50% since its establishment, while its research and development expenses have accounted for around 10% of its revenue. WeBank is now at the top of the industry in core technologies such as artificial intelligence (AI), blockchain, cloud computing and big data. WeBank leads the industry in core technologies such as artificial intelligence (AI), blockchain, cloud computing, and big data.
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