WeLab Bank Selects Temenos to Deliver Digital Services

Banking and trading software developer Temenos (SIX:TEMN) has announced that WeLab Bank, a Hong Kong-based virtual bank, has selected its Temenos Transact to deliver next generation digital services for customers to enjoy 24/7 via their smartphones.

WeLab Bank is powered by Temenos Transact along with Temenos Analytics and Financial Crime Mitigation. 

It is of great importance for the virtual bank to develop a cost-effective and scalable core banking solution. With the partnership, Temenos cloud native software will help WeLab Bank scale for future business growth efficiently and eliminate the need to provision for peak processing volumes so that the bank only pays for its actual usage, yielding significant cost savings.

With Temenos, the neobank aims to transform Hong Kong's banking sector. In just five minutes, customers can open an account remotely with WeLab Bank (with zero monthly fee) and enjoy excellent service.

Let's recall that WeLab Bank announced on August that it officially opened for less than ten days, and the total number of account opening applications exceeded 10,000.

Adrian Tse, Chief Executive Officer at WeLab Bank, commented:“WeLab Bank was born from an initiative to reimagine the banking experience for the 7.5 million people of Hong Kong. From the start, we knew this vision needed the most advanced cloud native technology and a partner that shared our vision for digital transformation. With Temenos we have efficiently built WeLab Bank from scratch, free from any legacies, with innovative features that proactively help customers to take control of their money and their financial journey.”

Max Chuard, Chief Executive Officer, Temenos, said:“Congratulations to WeLab Bank on the launch of their trailblazing new digital bank. Building and launching a licensed bank in such a rapid timeframe is a fantastic achievement and we are proud to have supported them in becoming the first multi-cloud digital bank in Hong Kong. Temenos cloud-native, cloud-agnostic strategy means we can satisfy the needs of the most innovative and ambitious neobanks like WeLab Bank to run on multiple cloud providers. We know this is just the beginning for WeLab and we are excited to be part of their story as they revolutionize banking for people in Hong Kong.”