Digital bank WeLab Bank launches in Hong Kong

Clients can open an account in five minutes.

WeLab Bank has commenced digital banking services in Hong Kong, according to a news release.

WeLab Bank clients can open an account in five minutes with no monthly fees. They can avail of time deposits, an interest-bearing deposit account with an instant virtual debit card, and real-time payments backed by the Faster Payment System (FPS).

Customers can also apply for a numberless WeLab Debit Card issued in partnership with Mastercard which can be used to withdraw money from any JETCO ATMs in the city.

In addition, they can avail of 4.5% interest rates per annum through time-deposit product GoSave, where they can start with as little as HK$10 and withdraw cash from with no additional fees.

WeLab Bank is regulated by the Hong Kong Monetary Authority and a member of the Deposit Protection Scheme, where eligible deposits are protected up to a limit of HK$500,000 per depositor.

Photo courtesy of WeLab Bank.

Also Read

Bank Jago teams up with Google Cloud for gen AI, data analytic capabilities

Banks may be ill-equipped for demands of real-time payments

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit