Kirkland & Ellis has advised Khazanah Nasional Berhad, Malaysia’s sovereign fund, in its $160 million investment in the Series B fundraising of Hong Kong-based financial technology startup WeLab, which was represented by Cooley.

Fangda Partners assisted Khazanah in issues involving Chinese law, while Travers Thorp Alberga acted for WeLab in matters related to British Virgin Islands law.

Khazanah led an investment group that includes ING Bank and state-owned Guangdong Technology Financial Group. WeLab offers consumer loans in Hong Kong and China via its online and mobile platforms, such as market leaders WeLend.hk and Wolaidai.

Hong Kong-based corporate partners Nicholas Norris, David Zhang, Joey Chau and Xiaoxi Lin oversaw the transaction for Kirkland & Ellis.

Khazanah’s investment in WeLab marks its first foray into China’s financial technology sector, giving it access to the country’s expanding consumer loan market. With the new funding, WeLab is looking to collaborate with ING Bank on direct banking and online lending initiatives.

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