Calastone, the largest global funds network, has been selected by WeLab Bank to achieve full straight-through-processing (STP) for fund orders, reporting and reconciliations by adopting the Calastone Order Routing and Reporting solutions. Hong Kong-based WeLab Bank, Asia’s first purely-digital bank that offers digital wealth advisory services to investors, now operates with enhanced efficiency and cost effectiveness, delivering a seamless and accessible service to investors.
Embracing the digital banking era, the Hong Kong Monetary Authority (HKMA) granted licenses to eight virtual banks in 2018, including WeLab Bank, enabling more than 1.2 million virtual accounts to be opened by the end of 2021[1]. To create an intelligent, seamless and intuitive wealth advisory experience for the city, WeLab Bank has launched GoWealth Digital Wealth Advisory where customers can benefit from personalised intelligent advisory services on a mobile app.
Through a single connection to Calastone’s global network, WeLab Bank can immediately start trading with all of its fund managers to process fund orders and reconcile client holdings, reducing the time and cost of maintaining multiple connections with multiple trading partners and ensuring their end investors received the smoothest and fastest service possible.
“Selecting the right technology is crucial to virtual banks as investor expectations for a seamless and accessible service intensify. We are delighted that WeLab Bank has selected Calastone to automate their fund orders and reporting. Given our global track record, we are confident that we will help WeLab Bank elevate the virtual transaction experience for investors,” said Justin Christopher, Managing Director, Head of Asia at Calastone.
“As Asia’s first purely-digital bank launching digital wealth advisory solutions, WeLab Bank is committed to achieving the scalability and infrastructure capabilities we need to expand our footprint,” said WeLab Bank. “With Calastone, our orders are 100% automated and through this we are able to meet the needs of today’s investors. We look forward to continuing our partnership with Calastone.”
[1] Source: Opportunities and Challenges Brought About by Rapid Growth of Digital Banking Transactions, HKMA (April 2022)
