Virtual Banking

WeLab Bank Launches Numberless Debit Card with Mastercard

WeLab Bank, a homegrown virtual bank licensed by the Hong Kong Monetary Authority (HKMA), will launch a numberless bank card that is powered by MasterCard While WeLab Bank services are designed to be 100% operated from the mobile phone, a

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Hong Kong’s Virtual Bank WeLab Named On the 2020 CNBC Disruptor 50 List

WeLab has been named #11 on the 2020 CNBC Disruptor 50 list, and was the only company included from Hong Kong and just one of five from Asia. This is WeLab’s first appearance on this list of private companies who are

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Ping An OneConnect Launches its Virtual Bank Pilot

Ping An OneConnect Bank (PAOB) announced its pilot trial under the Fintech Supervisory Sandbox (“FSS”) of the Hong Kong Monetary Authority (“HKMA”). PAOB is among the 8 virtual banks that have received a license from HKMA to operate. To date,

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Virtual Bank Airstar Fully Launches in Hong Kong with Up To 3.6% P.A Interest Rates

Airstar Bank today announced the official launch of its virtual banking services to the public which encompass savings account, time deposit and personal loan products. In March, Airstar Bank which is jointly operated by AMTD Group and Xiaomi launched their

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Temenos Bags Taiwan’s Virtual Bank as a Customer

Temenos, the banking software company, announced that Next Commercial Bank (Next Bank), has selected Temenos Transact to power its launch as one of Taiwan’s first virtual bank. Cloud-native, cloud-agnostic they said that Temenos Transact will deliver rich, pre-configured banking functionality

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Jetco Rolls Out Cross-Bank Cardless Withdrawal Service in Hong Kong

Joint Electronic Teller Services Limited (JETCO) today announced the rollout of Hong Kong’s first cross-bank cardless withdrawal service. Customers of participating JETCO member banks can take out cash instantly from any JETCO automatic teller machine (ATM) that supports this service

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Hong Kong Banks Lagging Behind in Openness to Apply New Tech Compared to Virtual Banks

Banks in Hong Kong are embracing fintech, with innovations relating to mobile banking, open banking (APIs), machine learning and predictive analytics, customer identification and authentication, and cloud computing, being commonly applied by over 40% to up to two thirds of

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Virtual Bank WeLab’s HK$10,000 Interest-Free Loan Opens For Application Today

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

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Riding the Cloud to the Bank of the Future

Shifts in consumer behaviour towards digital services are resulting in monumental changes for the banking industry. Highly anticipated digital banking licenses will be awarded in Singapore and Malaysia this year, while the first of the winners of Hong Kong’s new

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WeLab Bank Takes Flight in a Pilot Trial with Interest Rates up to 4.5% P.A

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

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