WeLab, a Hong Kong-based fintech that was awarded a virtual banking license earlier this year, said it raised $156 million (HK$1.2 billion) in Series C funding, led by Alibaba Hong Kong Entrepreneurs Fund and China Construction Bank. 

The company was awarded the license by the Hong Kong Monetary Authority in April and is expected to launch WeLab Bank in 2020. 

"This financing will be used to further develop and broaden our platform as a fintech enabler," Simon Loong, founder and group COO at WeLab, said in a company release. "Further investment into technology research and development will enable us to apply these innovative technologies around the region and roll out additional products and services for our customers to provide holistic financial services digitally."