Hong Kong’s first digital-only bank, WeLab Bank, has selected funds processing network Calastone to automate all of its fund orders. WeLab Bank was awarded a banking licence by the Hong Kong Monetary Authority back in 2018 in a push to promote digital finance. By the end of 2021, there were more than 1.2 virtual accounts opened within Hong Kong. In addition to banking services, WeLab bank also provides digital wealth advisory services, including investment funds. Through the link with Calastone, WeLab Bank will automate its find orders processing and reconciliations. According to the digital bank, the arrangement with Calastone will help it achieve the “scalability and infrastructure capabilities we need to expand our footprint”. © 2023 funds global asia