Hong Kong virtual bank launches digital wealth manager

Launched yesterday, GoWealth’s Digital Wealth Advisory combines the fintech strength of WeLab Bank with the investment expertise of Allianz Global Investors (AllianzGI).

“Most existing wealth management services focus on high-net-worth client segments; some relationship managers stop tracking and stop tracking investment performance after clients purchase investment products,” WeLab Bank Chief Executive Tat Lee said.

“WeLab Bank is determined to digitize and democratize wealth advice via GoWealth. By providing end-to-end goal-based investing, we make it easy for everyone to access professional financial advice in our mobile app,” added Lee.

The Goals-Based Wealth Advisor integrates financial planning and investment portfolio recommendations to fund transactions and tracking financial goals with clients’ investment goals.

It is equipped with an intelligent investment engine powered by AllianzGI, which can provide investment recommendations based on its 12 model portfolios.

The engine also runs simulations under 12,000 market scenarios and predicts their performance over the next 50 years, recommending the portfolio with the best “probability of success” to clients based on their individual financial goals.

The simulations will be updated regularly to make it easier for customers to understand the risks involved, WeLab Bank said.

Investors can use the advisor through the GoWealth tab of the WeLab Bank mobile app with a minimum investment of HK$100.

New customers can receive a start-up fund of up to HK$500 and a subscription fee discount of up to HK$30,000.

The adviser attracted more than 65,000 visitors over a two-month trial period, according to the virtual bank.

WeLab Bank is a virtual bank licensed by the Hong Kong Monetary Authority and is backed by Allianz, the International Finance Corporation, Malaysian sovereign wealth fund Khazanah Nasional Berhad, CK Hutchison’s TOM Group and Sequoia Capital.

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