Bloomberg: Hong Kong virtual bank WeLab secures $260 million in asset financing from Citibank

ChainCatcher news, citing sources from Bloomberg, reports that a Hong Kong virtual bank has secured $260 million in asset financing from Citigroup in partnership with the online lending platform WeLab.

According to sources, Citigroup is the sole senior underwriter for the transaction, but requested anonymity due to the private nature of the deal. Currently, Citigroup's representative in Hong Kong and WeLab have both declined to comment. The financing was first reported last November, when it was said that WeLab's valuation could be around $2 billion.

It is reported that WeLab has established a presence at Hong Kong Cyberport and is also a founding member of the Hong Kong Web3.0 Association.