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.