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Finance

Hong Kong fintech company and Allianz team up in Southeast Asia

WeLab and German conglomerate also tap southern China for wealth management

Hong Kong fintech company WeLab has completed the initial close of its latest round of funding led by Allianz X, raising $75 million. (Source photos by Reuters and screenshot from WeLab's website)

HONG KONG -- Hong Kong financial technology company WeLab has teamed with the digital investment unit of Germany's Allianz Group, with an eye toward expanding services in Southeast Asia.

The Hong Kong unicorn on Monday announced that it had completed the initial close of its latest round of funding, led by new investor Allianz X with $75 million. Existing investors in the fintech startup also participated in the round, but WeLab declined to name them. The final close of the funding round is expected in the coming months.

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