The credit facility will provide WeLab’s Hong Kong operation with lending capital to meet the rapidly growing demand for loans in this market, it said in a statement. WeLab’s business volume in Hong Kong more than doubled from the first to second quarter of 2016. The fintech firm has attracted over 8 million registered users and processed a total amount of $4.9 billion worth loan applications since its inception in 2013. The company said, it was planning to tap the bank loan market for another $50 million in the coming months. “We believe this credit facility is one of the first completed by a major bank to fund the portfolio growth of a fintech company in Asia and are confident that this will open more doors to institutional funding in the near future,” said WeLab founder and CEO Simon Loong.

http://www.dealstreetasia.com/stories/hks-welab-secures-25m-credit-support-from-existing-shareholder-ing-bank-52534/