HKIC and WeLab ink strategic partnership to advance AI, fintech in Asia

The partnership also will support youth development.

The Hong Kong Investment Corporation (HKIC) has formed a strategic partnership with fintech firm WeLab, a move aimed at strengthening Hong Kong’s position as a regional fintech hub and advancing artificial intelligence (AI) adoption across Asia.

Financial Secretary Paul Chan, who officiated the launch ceremony, described the collaboration as “a catalyst for progress,” highlighting its role in expanding innovation, fostering cross-sector partnerships and nurturing future talent.

"The HKIC is driving forward the vision together with WeLab, whose success in the Indonesian market and its plan to expand to Thailand are closely aligned with our overarching goals and strategies," he said.

AI also emerged as a key focus, with Chan emphasising its potential to transform financial services by making them faster, cheaper and more inclusive. “AI technologies can uncover correlations between seemingly unrelated factors, enabling the identification of creditworthiness in individuals who might otherwise be regarded as unqualified for lending."

In his latest Budget, Chan outlined a five-pronged approach to developing AI as a core industry—focusing on computing power, algorithms, data, capital and talent. He said the government remains committed to building a pro-innovation environment that encourages AI testing and adoption.

Beyond investment, the HKIC-WeLab partnership will support youth development through academic collaborations and acceleration programmes, aiming to equip the next generation with the skills needed to lead Hong Kong’s digital future.

Hong Kong currently hosts around 1,100 fintech firms and start-ups, with particular growth in digital assets, blockchain and cybersecurity. The city climbed five spots in the latest Global Financial Centres Index to rank fourth globally in fintech.