WeLab Bank Amasses Over 10,000 Applications Less Than 10 Days After Their Launchby Fintech News Hong Kong August 12, 2020
WeLab Bank, a homegrown virtual bank licensed by the Hong Kong Monetary Authority, has amassed a total of over 10,000 applications since launching to the public less than 10 days ago.
The demographic of their customers ranged between 18 to 83, with over 70% of their customers falling in the age category of 20 to 39 years old.
Upon account opening, a WeLab debit card is available for immediate use in the form of a virtual card in its app. A physical numberless debit card, issued in partnership with Mastercard, would be available shortly after. WeLab decided to extend the 8% cash rebate offer on their debit card until the end of September when they found that nearly 60% of the transactions were virtual.
Since the launch, more than 60% of WeLab’s customers have tried out two or more of their products. Meanwhile, more than 70% of their customers have also used the Faster Payment System via their app to make real-time payments to friends or merchants.
In addition to that, more than 8,200 customers have participated in GoSave time deposits to earn competitive interest rates. It claims to be Hong Kong’s first savings product that harnesses the power of the community where customers can benefit from higher interest rates as more people join each GoSave group.
Adrian Tse, Chief Executive of WeLab Bank said,
“By leveraging our expertise in technology and product design, WeLab Bank is able to provide customers with an efficient experience. As a licensed bank regulated by the Hong Kong Monetary Authority (HKMA), all our products and technology have passed a third-party independent assessment to ensure safety and reliability for our customers.