powered by AllianzGI to deliver Goal-based Investment experience
HONG KONG, July 7, 2022 /PRNewswire/ — WeLab Bank (or "the Bank"), the virtual bank dedicated to curating intelligent banking experience, announced that it had become Asia’s 1st purely-digital bank independent of traditional banking groups in major Asian markets to launch digital wealth advisory solution1 as its GoWealth Digital Wealth Advisory (GoWealth) rolled out to market today. Over the two-month trial period, the innovative solution achieved a satisfactory result in the goal-setting flow for over 65,000 visitors. 70% of reviewers expressed that they were looking forward to the official product launch. GoWealth combines the fintech strength of WeLab Bank with the investment expertise of Allianz Global Investors (AllianzGI), one of the world’s leading asset management firms, empowering customers to reach their financial goals on "autopilot" with an end-to-end approach.
WeLab Bank Chief Executive Tat Lee (Left) and AllianzGI Head of Institutional Business for Asia Pacific Philip Tso (right) believe GoWealth will raise the bar for the wealth management industry and mark an important milestone for the entire banking industry.
Goal-based investment experience through "Set, Track, Goal"
Unlike most of the wealth management products in the market which are risk-based, GoWealth is a goal-based wealth advisory solution. It ties the entire investment experience with customers’ goals through an end-to-end advisory process, ranging from financial planning and investment portfolio recommendations to fund transactions and financial goal tracking, all in the WeLab Bank app. For customers who have clear financial goals, try to establish an investment habit, or get ready for financial independence, in just 3 steps – "Set, Track, Goal", everyone can capitalize on the power of technology and reach their financial goals on autopilot.
WeLab Bank Chief Executive Tat Lee said, "Most of the existing wealth management services focus on high-net-worth customer segments; some relationship managers cease following up and stop tracking investment performance after customers buy investment products. Understanding these pain points, WeLab Bank is determined to digitalize and democratize wealth advisory through GoWealth. By providing goal-based end-to-end investment, we are enabling everyone to get easy access to professional financial advisory in our mobile app. On this occasion, by launching GoWealth, we are proud to become Asia’s 1st purely-digital bank to launch a digital wealth advisory solution1. We envisage that GoWealth will raise the bar for the wealth management industry and mark an important milestone for the entire banking industry."
WeLab Bank’s Intelligent investment engine powered by AllianzGI
WeLab Bank trail-blazes digital wealth management services through GoWealth, backed by its fintech experience and AllianzGI’s investment management expertise. GoWealth’s unrivaled intelligent investment engine can instantly calculate the "probability of success"2, providing investment recommendations and managing risk for customers under all circumstances. GoWealth’s investment recommendation is made based on its 12 model portfolios, the intelligent engine runs simulations under 12,000 market scenarios and predicts their performance over the next 50 years3. Then it makes an investment recommendation that best-fits customers and stands the highest probability of success4. To empower customers’ risk management, GoWealth updates the "probability of success" on a regular basis which allows customers to understand the risks involved with greater ease. It tracks the progress of customers’ financial goals, and helps customers stay on track with smart alerts so that they can manage their portfolios at fingertips and gain traction under all market conditions.
AllianzGI Head of Institutional Business for Asia Pacific Philip Tso said, "We are excited to collaborate with WeLab Bank and deliver our expertise to more customer segments through fintech. GoWealth relies on the extensive portfolio simulation methodology and AllianzGI’s expertise in and investment management. We believe we can work with WeLab to help democratize digital wealth management solutions for more customers in the city, helping them achieve their financial goals and needs."
Start GoWealth with as low as HKD100 and enjoy special kickoff offer
Customers can kick start their personalized investment plan at as low as HKD100 through the GoWealth tab in the WeLab Bank app. To celebrate the public launch of GoWealth, all new customers can enjoy a kickstart fund up to HKD500 and full rebate of the subscription fees is entitled to all customers for their first HKD30,000 investment, the total rebate amount is as much as HKD23,0005!
For more details about digital wealth advisory services GoWealth, please refer to the WeLab Bank website.
1According to a market research conducted by WeLab Bank on 26th May 2022, WeLab Bank is the first virtual bank that is independent from traditional banking groups to provide digital wealth advisory solutions in the below major Asian developed and emerging markets: Hong Kong, Japan, Singapore, Mainland China, India, Indonesia, Korea, Malaysia, Philippines, Taiwan, Thailand and Vietnam.
2"Probability of success" is a statistical probability to achieve your target wealth at the end of the investment plan. It is computed by simulating the potential growth of wealth based on the goal parameters provided by you during the goal setting process, model portfolio allocation and our capital market assumptions.
3The algorithm in GoWealth relies on the portfolio simulation database containing 12,000 simulation paths for the model portfolios projected over the next 50 years (i.e. 600 months), which reflects our capital market forecast on various asset classes and the model portfolios in terms of risk, return and correlations.
4GoWealth’s investment engine will recommend a model portfolio with the highest probability of success and lowest expected risk level within the 2% probability of success buffer range.
5 From now until 15 July 2022, open WeLab Bank account with referral code "INVEST" and Investment Account and make your one-time investment of model portfolio to enjoy WeLab Bank GoWealth Seed Money Welcome Offer ("Welcome Offer") and get up to HKD500 Seed Money as kickstart fund. From now until 30 September 2022, invest in mutual funds with a minimum subscription fee of 1.5% to enjoy WeLab Bank GoWealth Cash Rebate Subscription Offer ("Subscription Offer") and get the subscription fee rebate and cash rebate. Investment amount shall not include any redemption amount of mutual funds made before accreditation of the subscription fee rebate and cash rebate. To enjoy the maximum rebate amount, new customers should fulfil both the relevant terms and conditions of the Welcome Offer and the Subscription Offer. The abovesaid offers are subject to terms and conditions. For further details, please refer to WeLab Bank website.
Disclaimers: The above information is for reference only and does not constitute any offer, solicitation, recommendation, comment or any guarantee to the purchase or sale of any investment products or services. The investment products or services are not equivalent to, nor should it be treated as a substitute for, time deposit. Investment involves risks, the value of investment products may go up or down and the investment products may even become valueless. The contents above have not been reviewed by the Securities and Futures Commission.
Welab Bank Limited ("WeLab Bank" or the "Bank"), is a homegrown virtual bank licensed by the Hong Kong Monetary Authority ("HKMA"). Founded by a team of financial and technology experts, WeLab Bank’s mission is to understand customers’ needs and design a personalized, intelligent banking experience that helps them manage, save and grow their money. WeLab Bank represents a 100% digital banking experience that is simple, intuitive, and built around our customers. WeLab Bank focuses on the powerful mobile app and the numberless Debit Card, both designed with an obsession with customers’ experience and data security.
WeLab Bank is a wholly owned subsidiary of WeLab Holdings Limited ("WeLab"), a leading pan-Asian fintech platform. WeLab provides a wide range of digital financial services with leading positions in Hong Kong, Mainland China, and Indonesia, with more than 50 million individual users and over 700 enterprise customers.
WeLab is backed by the most renowned investors including Allianz, International Finance Corporation (a member of the World Bank Group), Malaysian sovereign wealth fund Khazanah Nasional Berhad, CK Hutchison’s TOM Group, and Sequoia Capital.
About Allianz Global Investors
Allianz Global Investors is a leading active asset manager with over 700 investment professionals in 24 offices worldwide and managing EUR 637 billion in assets (Data as at 31 March 2022). We invest for the long term and seek to generate value for clients every step of the way. We do this by being active – in how we partner with clients and anticipate their changing needs, and build solutions based on capabilities across public and private markets. Our focus on protecting and enhancing our clients’ assets leads naturally to a commitment to sustainability to drive positive change. Our goal is to elevate the investment experience for clients, whatever their location or objectives.
Active is: Allianz Global Investors