First Hong Kong, now Southeast Asia

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Hello reader,

I love the saying “slow and steady wins the race.”

I like to do things at my own pace, with clear incremental progress, rather than rushing to an end goal haphazardly. As long as I get to my target and am happy doing it, that’s all that matters.

Things are different for businesses, though. Many of them can’t afford to do things slower than their competitors.

Still, it’s not impossible if they have the right game plan. Just take a look at WeLab Bank. Compared to industry benchmarks like KakaoBank or WeBank, which became profitable within two years, it took longer for the Hong Kong-headquartered digital bank to break even. But it still achieved that milestone, and now, it’s taking on Southeast Asia.

Today we look at:

• WeLab Bank exploring Southeast Asia
• An Australian EV startup’s US$23.7 million series A round
• Other newsy highlights such as Xpeng’s plan to mass-produce robots and flying cars and TSMC committing US$100 billion to expand US operations

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Taking it to the bank

Image credit: Timmy Loen

It can be daunting to see others achieve milestones faster than you, but trying to catch up might mean rushing into the wrong decision. Plus, WeLab founder and group CEO Simon Loong notes that most Asian digibanks are still unprofitable anyway – what’s an additional year or two? WeLab Bank took its time to lay the right groundwork, and it’s now setting its sights on Southeast Asia.

• First steps: WeLab Bank has launched Bank Saqu in Indonesia and is aiming to get a license for a similar launch in Thailand.
• Friends in high places: Unlike some of its rivals, WeLab Bank isn’t a part of or backed by major corporations. To make up for this, it competes by partnering with huge firms like Apple and Tesla in Hong Kong.
• Replicating success: The digibank is taking this same approach in Southeast Asia. In Indonesia, it’s working with Astra, which is best known for manufacturing and distributing cars and has a foothold in financial services, real estate, and tech.

Read more: WeLab Bank cracked Hong Kong. Now it’s taking on Southeast Asia

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