Introducing WeLab Digital (我来数科) – a new name for Wolaidai (我来贷) in Mainland China

25 Sep 2019

Shenzhen – WeLab’s leading online fintech platform in Mainland China “Wolaidai” (我来贷) embarks on a new digital journey, to be renamed as “WeLab Digital” (我来数科) effective from today. The name in Chinese “数科” translates to “digital technology”, which more accurately reflects WeLab Digital’s capabilities and continuous development in fintech, where we have been able to provide digital financial services above and beyond credit, to over 40 million users. With that, WeLab Digital will adopt a new “BIG” strategy through a deep integration of innovation technology and financial services.

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"BIG" strategy: tech-driven risk management and continuous focus on customer-centric experience

The "BIG" strategy embodies the concepts of Big (Big Data), Intelligence (Artificial Intelligence), and Growth (High Growth Potential Group), perfectly fitting into the WeLab Group’s mission “to improve lives through game-changing technology and innovation.”

Big data risk management technology has always been a core part of the DNA of WeLab Digital (我来数科), which will now be further strengthened by incorporating Privacy Computing as one of the key focuses of R&D, adding to the patents already obtained for the WeLab Group. Privacy Computing enables WeLab Digital (我来数科) to provide intelligent data-driven services to customers while protecting and respecting their data privacy in a secure and efficient manner. With our advanced Artificial Intelligence capabilities, WeLab Digital continues to develop technologies to be able to deliver on customer-centric focus and improve customer experience. For instance, through applying techniques such as Natural Language Processing (NLP) to its proprietary chatbot - WeBot2.0, WeLab Digital is able to correctly identify users’ intent across various scenarios, resulting in effective response rate of around 90%. In terms of customers, the fintech-enabled services will be multi-faceted aimed at serving high growth potential customers who have growing needs for financial services, spanning across groups such as salaried individuals, sole proprietors of SMEs, and car owners.

Refining WeLab’s roadmap in Mainland China
Since entering the market in 2014, WeLab has operated exclusively with an online model, and developed strong presence in both direct-to-customer (B2C) and enterprise customer (B2B) segments. In the B2C segment, WeLab offers innovative financing solutions and leasing solutions for electronics (e.g. mobile phones, drones, etc.) to individuals, through the brands WeLab Digital (我来数科) and Taoxinji (淘新机) respectively, with over 40 million users as of September 2019. At the same time, WeLab’s B2B brand Tianmian Lab (天冕) provides cloud-based enterprise solutions, centred on WeLab’s core strengths of risk management and fintech DNA, to over 200 institutions, enabling them to offer fintech-enabled services and digital experiences to their customers.

About WeLab
WeLab is a leading fintech company in Asia with one of the first virtual banks established in Hong Kong. WeLab provides financial services by creating seamless digital experiences to over 40 million users across Hong Kong, Mainland China, and Indonesia.

Using its proprietary risk management technology and advanced AI capabilities, WeLab effectively analyzes unstructured mobile big data within seconds to provide innovative financial services and offer consumer financing solutions for individual customers. The company also offers B2B enterprise solutions by partnering with traditional financial institutions, which utilize WeLab’s technology to offer fintech-enabled services to their customers. WeLab operates WeLend and the WeLab virtual bank in Hong Kong, WeLab Digital (我来数科), Taoxinji (淘新机) and Tianmian Lab (天冕) in Mainland China and AWDA, a fintech joint venture with PT Astra International in Indonesia.

WeLab’s investors include Malaysian sovereign wealth fund Khazanah Nasional Berhad, CK Hutchison’s TOM Group, International Finance Corporation (a member of the World Bank Group), Alibaba Entrepreneurs Fund, Sequoia Capital and ING Bank.

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