Hong Kong virtual bank WeLab receives US$260 million in asset financing from Citibank

Odaily News According to Bloomberg, citing people familiar with the matter, Hong Kong’s virtual bank and online lending platform WeLab has received US$260 million in asset financing from Citigroup. Citigroup is the sole senior underwriter of the deal, people familiar with the matter said, but requested anonymity because the transaction is not public. Citigroup’s Hong Kong representative and WeLab both declined to comment. The financing was first reported in November last year, when it was said that WeLab could be valued at approximately US$2 billion. It is reported that WeLab has settled in Hong Kong Cyberport and is also a founding member of the Hong Kong Web3.0 Association.