According to Foresight News, Hong Kong-based virtual bank and online lending platform WeLab has secured $260 million in asset financing from Citigroup. Sources familiar with the matter stated that Citigroup was the sole senior underwriter for the deal, but requested anonymity due to the transaction not being public. Representatives from Citigroup in Hong Kong and WeLab have declined to comment on the matter. The financing was first reported in November last year, with WeLab's valuation estimated to be around $2 billion at the time. WeLab is located in Hong Kong's Cyberport and is also a founding member of the Hong Kong Web3.0 Association.