IN FOCUS
In today’s newsletter, we look at:
- WeLab taking on Southeast Asia’s digibank space
- Bank Jago’s recipe for growth
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Hello,
It’s nice to see more foreign startups enter the Philippines. As someone who drinks unhealthy amounts of coffee, I was happy to see Zus land on our shores in late 2023.
It was interesting to see how the company localized its offerings while keeping some of its Malaysian flair. I’ve heard good things about its Gula Melaka drink too, although it might be too sweet for me.
Hong Kong-based digital bank WeLab Bank is looking to enter the Philippines as well, along with similar plans to expand in Malaysia and Vietnam. This comes after the company hit monthly breakeven for the first time in December 2024.
Instead of Hong Kong’s smaller but wealthier customer base, Southeast Asia offers a larger, if less-affluent, market. Still, WeLab Bank is aiming to be profitable in Indonesia and Thailand – the two markets in the region it currently operates in – within three to five years.
Speaking to my colleague Putra for this edition’s featured story, WeLab Bank founder and group CEO Simon Loong says it’s “ironic” that he’s become a banker again, having left a traditional bank “because I didn’t want to be a banker anymore.”
Meanwhile, in this week’s Hot Take, I take a look into the growth of one of WeLab’s rivals in Indonesia, Bank Jago.
— Miguel
THE BIG STORY
WeLab Bank cracked Hong Kong. Now it’s taking on Southeast Asia
Image credit: Timmy Loen
Founder Simon Loong expects profits in Indonesia and Thailand within five years of launch. It’s an uphill climb.
THE HOT TAKE
Commit to resilience, innovation, and strategic partnerships
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