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Hong Kong virtual bank WeLab receives US$260 million in asset financing from Citibank

On October 30th, it was reported that Hong Kong virtual bank and online lending platform WeLab received $260 million in asset financing from Citigroup. Sources say that Citigroup was the only senior underwriter for the transaction, but they remain anonymous due to the deal not being public. Currently, both Citigroup's representative in Hong Kong and WeLab refuse to comment. This financing was first reported in November of last year, when WeLab's valuation was estimated to be around $2 billion. Note: WeLab has already settled in Hong Kong Cyberport and is also a founding member of the Hong Kong Web3.0 Association.

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