Virtual banking operator WeLab announced today that its’ #HKCashDrop is open for application today, on a first come first serve basis. The initiative aims to deliver the HK$10,000 government subsidy in to the people’s hand immediately ahead of the proposed July or August timeline

According to their statement, it only takes 3 minutes to apply online and 1 day for the funds to be disbursed to their account. The HK$10,000 loan is provided by WeLend which is a member of the WeLab group and it is 5-months interest free loan.

After 5 months, the loan becomes an interest-bearing 12-month personal installment loan at a personalized rate.

Simon Loong, the Founder and Group CEO of WeLab, said

“Being able to use technology to get HK$10,000 into people’s hands faster will bring much needed relief and positivity, but also practically facilitate the spending by the #HKCashDrop recipients, which should all help speed up the economic recovery with the multiplier effect. This aligns with our survey findings, where close to 70% of the respondents plan to spend the #HKCashDrop cash handout on daily necessities.”

Loong added that,

“The COVID-19 impact has widespread implications on the economy, but at a difficult time like this, we believe our actions should represent something beyond the interest of business opportunities. We put people’s livelihood close at our heart when we decided to step up and help the community. Taking into consideration that the Government cash handouts should be disbursed in the coming 3 months, by extending a 5 month interest-free loan through #HKCashDrop we will be bearing these costs, whilst also giving the recipients of #HKCashDrop sufficient time to repay us.”