Welab (IFC-37911)

Regions
  • East Asia and Pacific
Where the impacts of the investment may be experienced.
Countries
  • China
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Aug 4, 2017
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
WELAB HOLDINGS LIMITED
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Project Cost (USD)
$ 10.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jul 25, 2018

Disclosed by Bank Feb 29, 2016


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Project Description

According to IFC website, the Welab is a tech-based retail lending credit cycle management service provider, operating in Hong Kong SAR and mainland China. It uses predictive data analytics and machine learning algorithm to credit score consumers who do not have an existing credit score. Welab targets to support the underserved population to obtain modest finance. Welab is raising Series B preferred equity to expand its business.

With advanced technology, Welab is able to analyze unstructured and multidimensional data in an effective way to facilitate the credit assessment of underserved populations, and make credit decisions quickly with a fully online application process, which could largely promote the access to credit services of underserved population at a lower cost.

Investment Description
  • International Finance Corporation (IFC)

The company was founded by Mr. Simon Loong, a former Standard Chartered retail banker in 2013 in Hong Kong. Subsequently, the company was invested by several individual investors and venture capital funds. Currently, Mr. Simon Loong is the largest shareholder. Not a single shareholder owns more than 10% except for Mr. Simon Loong.

Private Actors

Welab is a tech-based retail lending credit cycle management service provider, operating in Hong Kong SAR and mainland China. It uses predictive data analytics and machine learning algorithm to credit score consumers who do not have an existing credit score. Welab targets to support the underserved population to obtain modest finance. Welab is raising Series B preferred equity to expand its business.

The company was founded by Mr. Simon Loong, a former Standard Chartered retail banker in 2013 in Hong Kong. Subsequently, the company was invested by several individual investors and venture capital funds. Currently, Mr. Simon Loong is the largest shareholder. Not a single shareholder owns more than 10% except for Mr. Simon Loong.

Contact Information

Project Contact: Mr. Simon Loong, Founder and Chief Executive Officer
Welab Holdings Limited, Unit 406 Office Plus, 93-103 Wing Lok Street, Sheung Wan, Hong Kong SAR
Contact No.: +852-91269183
Email Address: Simon.loong@welab.co
Website: http://www.welab.co

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/