Tuesday, September 19, 2017

WeLab considers insurance venture

WeLab, the largest mobile lending and credit analytics platform in China, has expressed interest in entering the insurance services business.

Although the plan is “purely hypothetical” for now, WeLab sees insurance as another area of interest where it can leverage its risk assessment capabilities, said its founder and chief executive officer Simon Loong.

Insurance is a huge area to explore, he said, considering that it is a big market with products that are very traditional and thus easy to sell.

Because there is still a lot of potential in the lending sphere, however, Loong said insurance remains in the pipeline for now.

Nevertheless, he said that while they are not entering the market just yet, insurance could become a possible extension of what they are doing now in terms of data technology.

Earlier this year, WeLab raised US$160 million in a Series B round led by Malaysian sovereign wealth fund Khazanah.

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