Khazanah, ING bet on fintech startup WeLab

The Hong Kong-based internet startup, which has backing from Li Ka-shing, plans to expand its lending business to rural areas of China.

Khazanah, ING bet on fintech startup WeLab

WeLab Holdings, a Hong Kong-based fintech startup, said on Wednesday that it has raised $160 million from new investors, including Malaysian sovereign wealth fund Khazanah and Dutch financial services group ING.

The company said in a statement that Guangdong Technology Financial Group, a Chinese state-owned fund in Guangdong province, also participated in the second round of financing.

When pressed over the telephone, though, Simon Loong, founder and chief executive officer...

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