GoWealth Digital Wealth Advisory enters soft launch
HONG KONG, April 25, 2022 /PRNewswire/ — WeLab Bank (or “the Bank”), the virtual bank dedicated to preserving the smart banking experience, has become the first virtual bank in hong kong authorized to offer digital heritage consulting services. After obtaining Type 1 (Securities Trading) and Type 4 (Securities Advisory) licenses from the Hong Kong Securities and Futures Commission (HKSFC), Bank soft launched its smart wealth management solution GoWealth Digital Wealth Consulting (GoWealth) for select customers, with a public launch planned for the near future.
Bank is Hong Kong’s first virtual bank licensed to offer digital heritage advisory services; its GoWealth digital wealth advisory services have entered the soft launch phase.” alt=”WeLab Bank is Hong Kong’s first virtual bank licensed to offer digital heritage advisory services; its GoWealth digital wealth advisory services have entered the soft launch phase.”/>
WeLab Bank is Hong Kong’s first virtual bank licensed to offer digital heritage advisory services; its GoWealth digital wealth advisory services have entered the soft launch phase.
Ffirst digital heritage consulting solution powered by AllianzGI expertise
GoWealth is WeLab Bank’s wealth management advisory solution that capitalizes on the investment expertise of Allianz Global Investors (AllianzGI), one of the world’s leading asset management companies. The two industry pioneers announced a strategic collaboration early last year, aimed at combining their expertise in fintech and investment management, as well as their deep understanding of the financial needs and habits of hong kong people for the Bank to create a whole new smart and seamless wealth management advisory experience for the city.
Define your financial goals. GoWealth is so intuitive that navigation will feel like an “autopilot”
Unlike most wealth management solutions on the market which are risk-based, GoWealth will take a personalized, goal-based approach to delivering personalized smart advisory services to clients seamlessly and intuitively through our mobile app. More details are available on the WeLab Bank website. Interested clients can now preview the GoWealth interface and preview the goal setting flow in the WeLab Bank app. Other functions, such as investment advice, transaction and goal management, will be open to all clients at the public launch. More details about GoWealth will be revealed closer to the public launch in the coming months.
Professor KC Chan, Chairman of WeLab Bank, believes that GoWealth will become the intelligent and personalized wealth advisor at our clients’ fingertips. “Although Hong Kong enjoys abundant options for wealth management solutions, according to the results of an independent survey*, only 1/3 of residents have access to professional financial advice, indicating a substantial unmet need for management in the market.Considering this, WeLab Bank has leveraged fintech to fill the void in the wealth management market by designing an intelligent and personalized wealth management advisory solution for all, helping customers to easily achieve their financial goals.”
To better understand the financial management behaviors and needs of hong kong people, WeLab Bank and AllianzGI commissioned independent market research agency Nielsen to conduct an online survey, in which 1,000 respondents, aged 20 to 59, and whose monthly household income is no less than HKD15,000were asked about their goals and difficulties during their financial journey.
70% don’t know if their current financial plans would help them achieve their financial goals
The survey found that 81% of respondents have clear financial goals. The most popular options are: quit their job and spend a year making dreams come true (33%) and at reach financial independence before age 50 (33%). Despite having clear financial goals, more than half of them don’t know how to achieve them.
65% do not have a clear picture of the composition and performance of their portfolio
The investigation also revealed that hong kong people typically spend 20% of their income on savings and investments, but 65% admit that they are unclear about the composition of their investment portfolio and its performance, and do not know if their investment and their savings are able to achieve their financial goals. Additionally, 50% of respondents believe they need professional financial advice but do not have access to it.
Saving “blindly” without clear alignment to financial goals
WeLab Bank and AllianzGI believe that many hong kong people are not sure that their savings and investment portfolios are effective. However, since they don’t have access to professional financial advice, easy-to-use wealth management platforms, or wealth management tools with transparent fees, they can only risk their financial planning by saving” blind”, which can cause them to drift further apart. of their financial goals.
Philippe Tsoresponsible for institutional affairs Asia Pacific at AllianzGIsuggests that hong kong people should start with a practical financial goal and then achieve it through a systematic approach. “The momentum of saving and investing is greatly affected by the ability to achieve financial goals. People should take a goal-based approach, breaking down a big goal into smaller, easier goals. With perseverance, anyone can develop a powerful habit of saving and investing, and achieve bigger goals step by step.”
Tso too points that goal-oriented digital wealth consulting solutions are in high demand in hong kong, according to the results of the survey*. This demand led WeLab Bank to partner with AllianzGI’s expertise in digital investment solutions, to help solve the problems of hong kong people and to help enable them to achieve their financial goals through GoWealth. Tso added, “We are excited to partner with WeLab Bank to launch GoWealth, enabling agility and predictability in wealth management through digital asset allocation and monitoring.
For more details on GoWealth Digital Wealth Advisory Services, please visit WeLab Bank’s website and stay tuned for further announcements.
*Based on the results of the online questionnaire survey conducted by Nielsen. Please refer to the body of this press release for further details.
Disclaimer: The above information is provided for informational purposes only and does not constitute an offer, solicitation, recommendation, comment or guarantee to buy or sell investment products or services. Investment products or services are not equivalent to a term deposit and should not be treated as a substitute for it. Investing involves risk, the value of investment products may increase or decrease and investment products may even lose value. The above content has not been reviewed by the Securities and Futures Commission.
Welab Bank Limited (“WeLab Bank” or the “Bank”) is a local virtual bank licensed by the Hong Kong Monetary Authority (“HKMA”). Founded by a team of financial and technology experts, WeLab Bank’s mission is to understand customers’ needs and design a personalized and intelligent banking experience that helps them manage, save and grow their money. WeLab Bank represents a 100% digital, simple, intuitive banking experience built around our customers. WeLab Bank focuses on the powerful mobile app and numberless debit card, both designed with an obsession for customer experience and data security.
WeLab Bank is a wholly owned subsidiary of WeLab Holdings Limited (“WeLab”), a leading financial technology company in Asia. WeLab provides a wide range of digital financial services with leading positions in hong kongMainland China and Indonesiawith over 50 million individual users and over 700 corporate customers.
WeLab is backed by the most renowned investors, including Allianz, the International Finance Corporation (part of the World Bank Group), Malaysian sovereign wealth fund Khazanah Nasional Berhad, CK Hutchison’s TOM Group and Sequoia Capital.
For more information, visit www.welab.bank and www.welab.co. Follow WeLab Bank on Instagram: welab.bank.
On Allianz Global Investors
Allianz Global Investors is a leading active asset manager with over 700 investment professionals in 23 offices around the world and managing €673 billion of assets (Data as of December 31, 2021). We invest for the long term and seek to generate value for our clients every step of the way. We achieve this by being active – in the way we engage with customers and anticipate their changing needs, and build solutions based on public and private market capabilities. Our focus on protecting and enhancing our clients’ assets naturally leads to a commitment to sustainability to drive positive change. Our goal is to enhance the investment experience for clients, regardless of location or goals.
Asset is: Allianz Global Investors