KUALA LUMPUR (Jan 20): Khazanah Nasional Bhd has led a consortium to invest in one of China's largest mobile lending and credit analytics platforms, WeLab, to tap into the country's growing consumer loan market that is currently unmet by traditional banking services.

In a statement today, via its special purpose vehicle Bukit Galla Investments Ltd, Khazanah said it has invested in WeLab, in a US$160 million Series B fundraising exercise.

Khazanah led a consortium of investors, which includes ING Bank and Guangdong Financial Technology Group.

This fundraising follows the completion of a US$20 million Series A round in January 2015 from a group of strategic and financial investors, including CK Hutchison's TOM Group and Sequoia Capital.

The investment represents Khazanah's first investment in China's financial technology sector, which will allow Khazanah to gain exposure to the country's growing consumer loan market with tremendous demand that is currently unmet by traditional banking services.

Khazanah managing director Tan Sri Azman Mokhtar said, "The investment in WeLab continues to strengthen Khazanah's presence in the innovation and technology sector internationally.

"WeLab's business model is attractive because the company cooperates with financial institutions to provide banking solutions on a purely online and mobile platform, while providing affordable credit to people who are unable to obtain financing through traditional channels."

With ING's investment, Khazanah said WeLab is exploring a potential collaboration in online lending and direct banking with ING, a global leader in financial innovation with the early introduction of ING Direct, its online banking business.

In addition, WeLab will also start collaborating with Postal Savings Bank of China and possibly other commercial banks in 2016 on Internet finance initiatives.

According to the statement, WeLab has a strong focus on innovation and risk management.

Founded in 2013 in Hong Kong, WeLab is transforming traditional credit services by creating seamless online and mobile lending experiences for China and Hong Kong.

WeLab operates Wolaidai, one of China's largest mobile lending platforms, and Hong Kong's leading online lending platform, WeLend.hk.