Allianz Invests $75 Million in Hong Kong Fintech WeLab
March 08 2021 - 3:01AM
Dow Jones News
By Joshua Kirby
Allianz SE said Monday that its digital-investment unit is
investing $75 million in Hong Kong-based fintech WeLab.
The German insurer said its Allianz X unit is participating in
the Series C financing round of WeLab, which provides digital
financial services in Hong Kong, mainland China and Indonesia. The
company has close to 50 million retail customers and 600 corporate
customers, Allianz said.
Under the investment agreement, Allianz and WeLab will work
together to develop digital products and wealth-management
solutions, initially in Hong Kong but with geographic expansion
possible subsequently, the company said.
"The investment in WeLab is a promising one for Allianz both
economically and strategically," Allianz X Chief Executive Nazim
Cetin said.
Write to Joshua Kirby at joshua.kirby@dowjones.com;
@joshualeokirby
(END) Dow Jones Newswires
March 08, 2021 02:46 ET (07:46 GMT)
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