WeLab Bank disbursed HK$61.56m subsidies for HS Chau Foundation

The students come from 354 government and private secondary schools across the city.

Hong Kong’s WeLab Bank has disbursed over HK$61.56m in subsidies to 18,656 full-time female students on behalf of the H.S. Chau Foundation’s “Dear Girls” subsidy program.

The students, which come from 354 secondary schools across Hong Kong, are preparing for their 2025 Hong Kong Diploma of Secondary Education (HKDSE) examinations.

WeLab Bank created a dedicated website for this program and distributed the subsidies using the interbank digital settlements and through the Faster Payment System (FPS), directly connecting to students’ bank accounts and stored-value facilities such as e-wallets.

The change reportedly streamlined operations and saved nearly 80% in cost, WeLab Bank said in a press release.

Calculated per beneficiary, administrative costs were largely reduced by about 90% compared to previous large disbursement programs.

The website will officially close on 31 December 2024.