CK Hutchison and WeLab form Strategic Collaboration
• Cooperation brings WeLab’s FinTech-enabled sales financing and consumer lending solution to CK Hutchison’s telecom and retail divisions
• First-ever retail payment option allows savvy customers to optimise finances
• 3Money “New Phone and Cash Plan” and “FORTRESS FlexiPay Instalment Plan” now available at checkout
(Hong Kong, 26 September 2018) CK Hutchison Holdings Limited (“CK Hutchison”), a multinational conglomerate spanning over 50 countries, and a leading FinTech company in Asia, WeLab, announced today the forming of a strategic collaboration that will bring a seamless sales financing and consumer lending solution to 3Shops and Fortress stores in Hong Kong and potentially to other related CK Hutchison businesses in Indonesia, Mainland China and Europe.
This cooperation presents an unprecedented consumer experience for Hong Kong. In addition to giving 3HK and Fortress customers the flexibility to pay for purchases in up to 60 monthly instalments, WeLend, a subsidiary of WeLab, can also instantly approve an additional cash loan for them through a real-time credit assessment using its innovative financial technology. This means that customers can access extra cash without wasting time on lengthy applications. Not only can customers shop without paying upfront, they can simultaneously satisfy their additional credit needs – creating a unique two-in-one consumer financing experience in Hong Kong. Going forward, CK Hutchison’s global retail and telecom networks can take advantage of WeLab’s advanced big data technologies in FinTech while keeping pace with evolving customer expectations on choice and experience, especially tech-savvy millennials.
“This is a win-win collaboration with WeLab. Through advanced FinTech, 3HK and Fortress customers will have the opportunity to buy high-end mobile devices and electronic appliances without having to make a big cash outlay upfront, and obtain a cash loan, while also having the option of an extended payment scheme, alternatives that were not available before.” said Canning Fok, CK Hutchison Group Co-Managing Director. “For our partner, WeLab will have access to a large base of credit-worthy potential clients and unprecedented business opportunities.”
Simon Loong, Founder and Chief Executive Officer of WeLab added, “We are very excited to partner with CK Hutchison and through this alliance, WeLab can extend our technology in financial innovation to offer seamless consumer experience to CK Hutchison customers globally. As a leading FinTech company in Asia, we believe this strategic alliance will strengthen our competitive advantage and footprint.”
CK Hutchison has over 17,700 telecom and retail stores worldwide, close to 130 million active mobile customers and 140 million loyal retail customers. WeLab is a leading FinTech company which has accumulated over 30 million registered users, and is a pioneer in analysing consumers’ creditworthiness based on its advanced big data analytics capabilities and innovative AI technologies. By partnering with WeLab and embracing innovative technologies, CK Hutchison customers now have an additional payment and financing option at checkout through simple transaction procedures and more flexible payment plans than ever before. The 3Money “New Phone & Cash Plan” enables customers to subscribe to tariff plans that come complete with designated latest smartphone models – without having to make prepayment upfront. They can also opt for an extra cash loan of up to double the total contract value. The package amounts to a new consumer financing solution that combines telecom with FinTech. “FORTRESS FlexiPay Instalment Plan” offers customers a new and flexible payment option that has a longer repayment period up to 60 months, together with instant cash loans and 5x MoneyBack Points.
Through the collaboration, CK Hutchison will help strengthen WeLab’s plan to expand its international footprint through its channels in Hong Kong, and potentially Indonesia, Mainland China and Europe.
Digital revolution has been changing the behavior and expectations of consumers. CK Hutchison continues to invest strategically in research and development on technology innovations to enhance the core competitiveness of its long-established telecom and retail businesses.
About CK Hutchison Holdings Limited
Listed on The Stock Exchange of Hong Kong Limited, CK Hutchison Holdings Limited (CK Hutchison) is a renowned multinational conglomerate committed to innovation and technology with businesses spanning the globe. With operations in over 50 countries and over 300,000 employees worldwide, CK Hutchison has five core businesses - ports and related services, retail, infrastructure, energy and telecommunications.
CK Hutchison reports turnover of approximately HKD415 billion (USD53 billion) for the year ended 31 December 2017.
For more information, please visit www.ckh.com.hk
Founded in 2013 in Hong Kong, WeLab is reinventing traditional financial services by creating seamless mobile lending experiences. With its proprietary risk management technology, WeLab effectively analyzes unstructured mobile big data within seconds to make credit decisions for individual borrowers. WeLab operates WeLend in Hong Kong, Wolaidai (我来贷) in Mainland China and a joint venture company AWDA in Indonesia. The company also partners with traditional financial institutions which utilize WeLab’s technology to offer FinTech-enabled solutions to their customers.
WeLab was named in a KPMG-sponsored report as one of the top 100 FinTech companies in the world – #8 in China and #36 globally – and was ranked by Deloitte as the #1 fastest growing tech company by revenue in Hong Kong and #4 in China.
For more information, please visit www.welab.co