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

WeLab Bank
A virtual bank called WeLab Bank, which has no physical branches, has opened in Hong Kong and is the latest such online offering to take the challenge to traditional lenders, fuelled by the impact of the COVID-19 pandemic.

WeLab Bank opened for business late last week after trialling its service for three months, the South China Morning Post reported.

This is the third of eight virtual banks competing with incumbent players such as HSBC and Standard Chartered. Other digital names are ZA Bank and Airstar Bank. 

The article pointed out that Hong Kong’s banking market is crowded. There are 155 traditional lenders serving a jurisdiction of 7.5 million people.

“The Covid-19 pandemic offers opportunities and challenges,” chief executive Adrian Tse was quoted as saying. “It has forced many people to work and shop from home. Many people are more comfortable using their mobile phones to open an account and conduct banking transactions."