WeLab Bank: Cross-Border eKYC with ZOLOZ Real ID

Established and wholly owned by WeLab, Asia's leading fintech group, WeLab Bank is one of the first digital banks to be licensed by the Hong Kong Monetary Authority. WeLab Bank now serves over 650,000 users and ranks among the top digital banks in Asia by loan volume. It is selected by the Chinese University of Hong Kong as the most innovative digital bank in Hong Kong. Founded by a team of financial and technology experts, WeLab Bank's mission is to understand customer needs and create a personalized, compresensive banking experience that empowers customers manage, save and grow their wealth. WeLab Bank offers a fully digital banking experience that is simple, straightforward and customer-centric. Focusing on customer lifestyle, user experience, and data security, WeLab Bank has developed a powerful mobile app and a suite of smart banking services. Through partnerships with leading brands like Allianz Global Investors, Tesla, and Apple Authorized Resellers, WeLab Bank delivers innovative financial solutions.

WeLab Bank is committed to creating a simple, fast and enjoyable digital-first banking experience, always prioritizing the customer experience. However, recognizing that the identity verification and data extraction process could present challenges on certain devices, WeLab Bank decided to partner with Ant Digital Technologies to ensure a seamless experience for all users.

Furthermore, the partnership aimed to enhance the accuracy and efficiency of identity verification by minimizing false positives and false rejections, and reducing manual review. Crucially, all solutions had to comply with Hong Kong regulations, with comprehensive documentation provided to explain the AI methodology employed.

Customized Solutions

WeLab Bank blends the power of fintech with the human touch to pioneer new possibilities in digital banking. Leveraging ZOLOZ Real ID, an Ai-powered electronic identity verification (eKYC) solution, the bank accelerates account opening while maintaining regulatory compliance. In early 2024, WeLab Bank expanded this technology to Mainland China visitors (MCVs) opening accounts in Hong Kong. These customers can now verify their Mainland China ID cards and entry documents via their mobile phones in just 5 minutes. This accelerates WeLab Bank's digital innovation and business growth, building on its strong foundation. As a result of these collaborations, WeLab Bank has significantly enhanced its digital capabilities, optimized the customer experience, and expanded its geographic reach. The partnership with Ant Digital Technologies helps WeLab Bank achieve these milestones, solidifying WeLab Bank's position as a leader in digital banking and innovation.

The partnership between WeLab Bank and Ant Digital Technologies has achieved a significant milestone. This collaboration has unlocked tremendous potential for future partnerships and new opportunities in digital banking. For example, WeLab Bank is currently exploring how to leverage Ant Digital Technologies's technology to conduct more effective sales and marketing campaigns based on insights derived from user behavior analytics. WeLab Bank is delighted to partner with Ant Digital Technologies and witness this shared growth.