WeLab Group is a leading FinTech group that provides diversified FinTech services to consumers and financial institutions globally. Established in 2013, its activities include operating WeLab Bank, one of the first licensed virtual banks in Asia, and other online consumer financial services. It is a market leader in Hong Kong, mainland China, and Indonesia, with over 60 million users and nearly 900 corporate customers.
Tightened regulation in a fast-moving market
WeLab sits in a dynamic, highly competitive market environment alongside Internet giants like BAT (Baidu, Alibaba, Tencent), as well as banks and consumer finance companies, and it faces different kinds of business challenges. In recent years, regulation in FinTech has intensified with the implementation of policies such as standardized rates and personal information protection, meaning FinTech enterprises including WeLab need to adapt.
Rapid data surge resulted from business expansion, coupled with the improvement in WeLab’s data processing capacity. WeLab also needs to maintain the system's efficiency and stability, as any enterprise does.
A flexible and stable option with advanced storage capabilities
The data processing in risk management systems is more complex and diverse compared to general business systems. It includes various types of data such as business data, user behavior, device information, and third-party data among others. Each type of data exhibits unique characteristics, and the data structure, organization method, and application scenarios also differ.
Unlike traditional relational databases, MongoDB can store and process structurally complex and scenario-diverse data. It also provides higher development efficiency and stability, allowing WeLab to better respond to market and regulatory changes. MongoDB provides rich indexing functions, such as geospatial index and TTL indexing, both widely used in WeLab’s daily business.
Having compared several databases, WeLab replaced its traditional MySQL database with ApsaraDB for MongoDB. The upgrade was supported by Alibaba Cloud and MongoDB experts, ensuring the process was a smooth one.
Improved efficiency and reduced risk with stability guaranteed
As WeLab’s business continues to grow, ApsaraDB for MongoDB has become one of the core engines supporting its business operation. Leveraging its advanced financial risk management technology and MongoDB 5.0’s powerful data processing capabilities, WeLab has also built a new generation of the risk management system, WeDefend 3.0, which is highly recognized by enterprise customers.
Technical improvements are reflected in various aspects. The database write performance has improved by more than 50% and query performance by more than 20%. No stability problems occurred anywhere in the system following the upgrade. It also gives more professional technical support, reducing learning and maintenance costs, while upgrade costs are reduced with MongoDB 5.0’s stable API. Users only need to use simple interface configurations, significantly improving efficiency and reducing overall risk.
ApsaraDB for MongoDB perfectly matches WeLab’s needs in terms of data characteristics and technical requirements. Thanks to the professional support from Alibaba Cloud and MongoDB teams, our system upgrade was very smooth. The subsequent operation and learning costs are also lower.
Huang Zhipeng, technical director of WeLab Group