WeLab Bank Limited  has commenced a pilot trial under the Hong Kong Monetary Authority’s (“HKMA”) Fintech Supervisory Sandbox (“FSS”). During the FSS phase, WeLab Bank will be offering banking services to selected individual users prior to an official launch to the public.

WeLab Bank will invite approximately 2,000 individual users from its waiting list which will consist of WeLab staff and their friends and families.

During the WeLab Bank Pilot, customers will be able to access a range of fully digital services including — remote account opening, time deposits and saving accounts, virtual Debit Card, and payments with Faster Payment Services (FPS) enabled.

With their HKID card ready at hand, customers can open a WeLab Bank account in less than 5 minutes. With personal data protection close at heart, WeLab Bank will also be issuing a numberless WeLab Debit Card in collaboration with Mastercard.

WeLab Bank’s features include GoSave a time deposit which with interest rates up to 4.5% p.a that also provides flexibility where customers can withdraw their funds at any time without having to pay extra fees.

The new virtual bank will also introduce numberless debit cards, a similar move by Standard Chartered’s MOX and South East Asia’s ride-hailing giant Grab’s GrabPay.

Adrian Tse, Chief Executive of WeLab Bank said,

“Customers will be getting a unique first peek at our banking solutions during the WeLab Bank Pilot and enjoy 24/7 seamless services with a one-stop mobile app. WeLab Bank is putting customers in control of their own financial journey and helping them manage, save and grow their money. Our message is loud and clear – we’ve got your back!”