ALIZF Allianz Ag Muenchen Namen (PK)

   By Joshua Kirby 
 

Allianz SE said Monday that its digital-investment unit is investing $75 million in Hong Kong-based fintech WeLab.

The German insurer said its Allianz X unit is participating in the Series C financing round of WeLab, which provides digital financial services in Hong Kong, mainland China and Indonesia. The company has close to 50 million retail customers and 600 corporate customers, Allianz said.

Under the investment agreement, Allianz and WeLab will work together to develop digital products and wealth-management solutions, initially in Hong Kong but with geographic expansion possible subsequently, the company said.

"The investment in WeLab is a promising one for Allianz both economically and strategically," Allianz X Chief Executive Nazim Cetin said.

Write to Joshua Kirby at joshua.kirby@dowjones.com; @joshualeokirby

(END) Dow Jones Newswires

March 08, 2021 02:46 ET (07:46 GMT)

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