Webank Technology Services and Fusion Bank Win Prestigious Banking Technology Award
Hong Kong, May 22, 2025 – In a notable achievement, Webank Technology Services and Fusion Bank have been recognized for their exemplary technological innovation at the TAB Global Finnish Technology Innovation Awards 2025. They were awarded the Best Basic Banking Technology Initiative (Small Bank) in Asia-Pacific for their groundbreaking new generation basic banking system.
Significance of the TAB Awards
The TAB Global Finnish Technology Innovation Awards are among the most esteemed accolades in the financial services sector. They are designed to honor institutions that exhibit exceptional progress and leadership in technological innovation. This year’s recognition marks a milestone, as it is the first time in three years that a Hong Kong digital bank has secured this prestigious award.
Overview of the Award-Winning Project
The joint initiative between Webank Technology Services and Fusion Bank aims to enhance digital banking capabilities and foster innovation to ensure sustainable growth. The project entailed the complex upgrade of over 150 subsystems across five key operational areas of the bank, achieving a rapid implementation in just 15 hours and seamless data migration within six hours.
Transformative Features of the New Banking System
This new system leverages a distributed architecture that allows for scalable enhancements in line with the bank’s growth. By addressing previous financial barriers associated with high initial IT investments, it also boosts commercial agility and significantly reduces product development cycles from six months to three months. It offers substantial operational cost savings, aiming for a 53% reduction in non-human costs by 2027.
Comments from Industry Leaders
Billy Chiu, Director of Fusion Bank Technology, expressed pride in this accolade, stating, “It is an honor to be the only Hong Kong digital bank recognized in the past three years. This award reflects our commitment to enhancing financial inclusion and advancing the quality of service in our community.”
About Webank Technology Services
Founded in June 2024, Webank Technology Services aims to utilize advanced fintech capabilities and best practices to deliver superior digital funding solutions. Through strategic partnerships across Hong Kong SAR, Indonesia, Thailand, Malaysia, and Qatar, it continues to extend its influence in the financial technology landscape.
About Webank
Established in 2014, Webank Co., Ltd. is recognized as China’s first digital bank. Committed to providing accessible financial services for micro, small, and medium enterprises, Webank has efficiently served over 420 million retail customers and 5.8 million companies. With an innovative, distributed banking system, it achieves an impressive 99.999% system availability, handling daily transactions exceeding 1.4 billion at a remarkably low annual cost.