According to ChainCatcher news, WeLab founder and group CEO Simon Loong said that the corporate restructuring has been completed. WeLend is now a wholly-owned subsidiary of WeLab Bank and plans to promote its Hong Kong business to the next stage of growth.
WeLab Bank CEO Li Jiata said that it is expanding its business planning and improving profitability at full speed. It currently serves more than 650,000 users and is expected to generate an additional net profit of HK$800 million in the next five years and is expected to achieve profitability in 2025.