WeLab Bank Announces Public Launch of Virtual Banking Services

WeLab Bank was the only stand-alone company to win a virtual bank licence from the HKMA. It commenced pilot services in April.

WeLab Bank has announced its public launch of virtual banking services, making it the third new virtual bank in Hong Kong to do so.

WeLab Bank is a homegrown virtual bank, and was the only stand-alone company to win a licence. It received the licence last April – making it one of only eight virtual bank licensees in Hong Kong.

The bank commenced pilot services in April under the HKMA (Hong Kong Monetary Authority) Fintech Supervisory Sandbox.

According to a press statement on Thursday (30 July), WeLab Bank is 100% digital, and “built for customers to enjoy a range of next generation digital services 24/7 from their mobile phones”.

The virtual bank allows account opening in about five minutes, with zero monthly fees, the statement said. The services on offer are time deposits, with a virtual debit card and real-time payments using the FPS (Faster Payment System). The WeLab debit card is a numberless card, issued in collaboration with Mastercard.

WeLab’s public launch follows the launch of full operations at ZA Bank (by ZhongAn/Sinolink) and Airstar Bank (by Xiaomi/AMTD) earlier this year.

Mox Bank (by StanChart/PCCW/HKT/Ctrip) and Ping An OneConnect Bank (by OneConnect Financial Technology) have launched pilot services.

 

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