WeLab Bank a homegrown virtual bank licensed by the Hong Kong Monetary Authority (“HKMA”) publicly launches their banking services to the millions of individuals in Hong Kong.

This follows their earlier pilot trial in April 2020, where they invited approximately 2,000 individual users from its waiting list which will consist of WeLab staff and their friends and families to test their services.

WeLab Bank is a purely digital bank and customers can remotely open a WeLab account with $0 monthly fees. Customers of WeLab Bank can also apply for WeLab’s numberless debit card which was launched with Mastercard earlier this month.

A new feature that the virtual bank also touted was its GoSave product which they said is a product that “harnesses the power of the community”, where the more people participate the higher the interest rate goes — which goes up to 4.5% per annum. Customers can start with as little as HKD 10 and have the flexibility to withdraw their funds at any time.

WeLab customers will also enjoy 8% cash backs on their debit card spending capped at HKD 3,000 for the entire offer period.

Adrian Tse, Chief Executive of WeLab Bank said,

“The world has enough complexities and so we believe that managing your money should be simple and easy. Empowered by technologies built for the new normal, WeLab Bank was born from an initiative to reimagine the banking experience for the 7.5 million people of Hong Kong. We have efficiently built WeLab Bank from scratch, free from any legacies, with innovative features that proactively help you to take control of your financial journey. Everything you need to do can be done simply from your phone.”

Featured image: Adrian Tse, Chief Executive of WeLab Bank; Professor KC Chan, Chairman of WeLab Bank; Simon Loong, Founder and Group CEO of WeLab; Tat Lee, Alternate Chief Executive of WeLab Bank.