WeLab Bank Launches GoWealth and Becomes Asia’s 1st Purely-digital Bank to Launch Digital Wealth Advisory Solution

August 3, 2022 | | Portfolio
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WeLab Bank (or “the Bank”), the virtual bank dedicated to curating intelligent banking experience, announced that it had become Asia’s 1st purely-digital bank independent of traditional banking groups in major Asian markets to launch digital wealth advisory solution[1] as its GoWealth Digital Wealth Advisory (GoWealth) rolled out to market today. Over the two-month trial period, the innovative solution achieved a satisfactory result in the goal-setting flow for over 65,000 visitors. 70% of reviewers expressed that they were looking forward to the official product launch. GoWealth combines the fintech strength of WeLab Bank with the investment expertise of Allianz Global Investors (AllianzGI), one of the world’s leading asset management firms, empowering customers to reach their financial goals on “autopilot” with an end-to-end approach.

Goal-based investment experience through “Set, Track, Goal”

Unlike most of the wealth management products in the market which are risk-based, GoWealth is a goal-based wealth advisory solution. It ties the entire investment experience with customers’ goals through an end-to-end advisory process, ranging from financial planning and investment portfolio recommendations to fund transactions and financial goal tracking, all in the WeLab Bank app. For customers who have clear financial goals, try to establish an investment habit, or get ready for financial independence, in just 3 steps - “Set, Track, Goal”, everyone can capitalize on the power of technology and reach their financial goals on autopilot.

WeLab Bank Chief Executive Tat Lee said, “Most of the existing wealth management services focus on high-net-worth customer segments; some relationship managers cease following up and stop tracking investment performance after customers buy investment products. Understanding these pain points, WeLab Bank is determined to digitalize and democratize wealth advisory through GoWealth. By providing goal-based end-to-end investment, we are enabling everyone to get easy access to professional financial advisory in our mobile app. On this occasion, by launching GoWealth, we are proud to become Asia’s 1st purely-digital bank to launch a digital wealth advisory solution[1]. We envisage that GoWealth will raise the bar for the wealth management industry and mark an important milestone for the entire banking industry.”

WeLab Bank’s Intelligent investment engine powered by AllianzGI

WeLab Bank trail-blazes digital wealth management services through GoWealth, backed by its fintech experience and AllianzGI’s investment management expertise. GoWealth’s unrivaled intelligent investment engine can instantly calculate the “probability of success”[2], providing investment recommendations and managing risk for customers under all circumstances. GoWealth’s investment recommendation is made based on its 12 model portfolios, the intelligent engine runs simulations under 12,000 market scenarios and predicts their performance over the next 50 years[3]. Then it makes an investment recommendation that best-fits customers and stands the highest probability of success[4]. To empower customers’ risk management, GoWealth updates the “probability of success” on a regular basis which allows customers to understand the risks involved with greater ease. It tracks the progress of customers’ financial goals, and helps customers stay on track with smart alerts so that they can manage their portfolios at fingertips and gain traction under all market conditions.

AllianzGI Head of Institutional Business for Asia Pacific Philip Tso said, “We are excited to collaborate with WeLab Bank and deliver our expertise to more customer segments through fintech. GoWealth relies on the extensive portfolio simulation methodology and AllianzGI’s expertise in and investment management. We believe we can work with WeLab to help democratize digital wealth management solutions for more customers in the city, helping them achieve their financial goals and needs.”