WeLab Debuts As Hong Kong’s Third Virtual Bank
(07 August 2020 – Hong Kong) WeLab Bank has officially launched for business, marking the third virtual lender to enter the Hong Kong market, after ZA Bank and Airstar Bank.
They are, however, entering an overcrowded marketplace, with 155 traditional lenders serving a city of 7.5 million people.
The virtual bank is offering a 4.5 percent annual deposit rate for the first 10,000 customers with up to HK$50,000 each in placements, along with a time-limited 8 percent rebate on customer spending. Its debit card will also give access to cash withdrawal at over 2,000 Jetco ATM machines.
“The COVID-19 pandemic offers opportunities and challenges,” said WeLab chief executive Adrian Tse. “It has forced many people to work and shop from home. Many people are more comfortable using their mobile phones to open an account and conduct banking transactions.”
“We want to offer a high deposit rate and cash rebate to help customers better cope with the Covid-19 outbreak,” said WeLab chairman Chan Ka-keung. “Hong Kong residents can earn more by saving their cash handouts with WeLab or by spending with our debit card.”
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