The latest technology news in the wealth management sector from around the world.

Calastone, WeLab Bank
Calastone, the global funds network, has been chosen by Hong Kong-based WeLab Bank to achieve straight-through-processing (STP) for fund orders, reporting and reconciliations. The bank is using Calastone Order Routing and Reporting solutions. 

WeLab Bank offers digital wealth advisory services to investors. It is one of eight “virtual banks” in 2018 that won licences from the Hong Kong Monetary Authority. The bank has launched GoWealth Digital Wealth Advisory enabling customers to use personalised intelligent advisory services on a mobile app.

As a result of the arrangement with Calastone, WeLab can immediately start trading with its fund managers to process fund orders and reconcile client holdings, reducing the time and cost of maintaining multiple connections with multiple trading partners, and ensuring that their end investors receive the smoothest and fastest service possible, Calastone said.

Calastone, which is based in London, has offices in Luxembourg, Hong Kong, Taipei, Singapore, New York, Milan and Sydney. WeLab is backed by investors including Allianz, International Finance Corporation (a member of the World Bank Group), Malaysian sovereign wealth fund Khazanah Nasional Berhad, CK Hutchison’s TOM Group, and Sequoia Capital. The firm opened its Hong Kong branch in 2020.