Global funds network Calastone announced that it has been selected by virtual bank WeLab Bank to automate its fund trading and reporting processes, such as fund orders and reporting.
The Calastone order routing and reporting solutions aim to enhance efficiency and cost effectiveness of the bank’s digital wealth advisory services to deliver a seamless and accessible service to investors, according to the company.
“Selecting the right technology is crucial to virtual banks as investor expectations for a seamless and accessible service intensify,” said Justin Christopher, managing director and head of Asia at Calastone.
“We are confident that we will help WeLab Bank elevate the virtual transaction experience for investors.”
WeLab Bank is one of eight virtual banks licensed by the Hong Kong Monetary Authority.
In July 2022, it launched the Goweath Digital Wealth Advisory to offer digital wealth advisory services for its customers.
Through Calastone’s global network, the virtual bank can trade with all of its fund managers to process fund orders and reconcile client holdings, reducing the time and cost of maintaining multiple connections with multiple trading partners and ensuring their end investors receive the smoothest and fastest service possible.
“With Calastone, our orders are 100% automated and through this we are able to meet the needs of today’s investors. We look forward to continuing our partnership with Calastone,” said WeLab Bank.
Based in London, Calastone has offices in Luxembourg, Hong Kong, Taipei, Singapore, New York, Milan and Sydney and serves over 3,500 clients in 54 countries and territories.