Hong Kong challenger WeLab Bank goes live on Temenos Transact
Hong Kong challenger bank, WeLab Bank, has gone live on Temenos and its Transact core banking system, following a July 2020 launch.
The neobank is using a “cloud-native” version of the core system. It also deploys analytics and financial crime modules from the vendor.
WeLab operates on both Amazon Web Services (AWS) and Google Cloud. Temenos says its need for a cloud-first system was key.
The vendor partnered with NuoDB SQL database firm NuoDB to create a “cloud agnostic, distributed regional database”. The solution enables WeLab Bank to deploy across multiple cloud providers with “near zero downtime”.
Temenos promises that users will be able to open bank accounts in five minutes via their mobile phone.
“WeLab Bank was born from an initiative to reimagine the banking experience for the 7.5 million people of Hong Kong,” says the bank’s CEO, Adrian Tse.
“From the start, we knew this vision needed the most advanced cloud native technology and a partner that shared our vision for digital transformation.
“With Temenos we have efficiently built WeLab Bank from scratch, free from any legacies, with innovative features that proactively help customers.”
WeLab Bank parent WeLab secured a banking licence from the Hong Kong Monetary Authority (HKMA) in April 2019.
The tech company then raised $156 million in December 2019 to fuel its 2020 launch of WeLab Bank. The challenger claims to have been designed built and launched in less than ten months.
“Building and launching a licensed bank in such a rapid timeframe is a fantastic achievement,” says Max Chuard, Temenos CEO.
“We know this is just the beginning for WeLab.”