The Hong Kong government’s investment arm is keen to leverage the expertise of its latest investee – fintech unicorn WeLab – to support start-ups from the city looking to expand in Southeast Asia.
Hong Kong Investment Corp (HKIC), which manages HK$62 billion (US$8 billion) of funds, on Thursday formed a partnership with WeLab after acquiring an unspecified stake in the consumer finance company.
The strategic partnership with WeLab “marks another milestone in the HKIC’s investment journey”, said Clara Chan Ka-chai, CEO of HKIC, adding that the fund has invested in more than 100 projects so far.
“Every Hong Kong dollar invested by the HKIC has attracted over HK$4 from long-term capital for investment,” she added.
HKIC’s outlay in WeLab is its first publicly known investment in a consumer finance company, which could lead to further investments in start-ups targeted at consumers.
