Know more about WeLab Bank
What is WeLab Bank?
WeLab Bank is a virtual bank licensed by the Hong Kong Monetary Authority. But we are not your typical bank. We've seamlessly integrated technology into our lives and are redefining how Hong Kong banks should serve you.
I already have a bunch of bank accounts and even installed their mobile banking apps. Why should I care about virtual banks?
The virtual bank initiative was developed by the HKMA to promote financial innovation, facilitate financial inclusion and enhance customer experience. In simple English, we're born from an initiative to make banking better for you and the other 7.5 million people of Hong Kong.
One key difference is that we are built specifically for the digital world of the 21st century. We are literally built from bottom up to live and serve from your mobile phone. We are free of compromises that come from trying to create another channel to deliver a business that was built for the brick and mortar world. That means 99.99% of everything that you need to do, can be done remotely at your leisure from your phone.
Most importantly, we are regulated by the HKMA based on the same yardstick as any other licensed bank in Hong Kong. We are a member of the Deposit Protection Scheme, where eligible deposits are protected by the Scheme up to a limit of HKD 500,000 per depositor.
What is GoSave?
GoSave is a new time deposit product and a new way to save money, where you are in control of your own financial journey! With just HKD 10, you can join GoSave with your family, friends or any like-minded saver! The more who join, the higher the interest we all enjoy!
Why doesn't WeLab Bank have branches?
We have different channels where you can find us. Apart from a physical office in Hong Kong, you can also call our customer service hotline to contact our WeLab Bank CS officer; message us through customer in-app live chat; or shoot us an email – whichever way you choose!
Are you a real bank?
We are a real bank! We have a full banking license, and we are regulated by the HKMA just like any other bank in Hong Kong. We are a member of the Deposit Protection Scheme. Eligible deposits are protected by the Scheme up to a limit of HKD 500,000 per depositor.
Your time deposit interest is not high, why?
Every bank has its own feature. Our new product is tailored made for Hong Kong People. For example, our interest rate depends on the number of people who join GoSave. The more people join, the higher interest rate you can earn. You can earn interest while having fun!
About this promotion
What promotions/offers does your card have?
With WeLab Bank, we offer you both a virtual card and a physical card. Whether you are spending online or in-store, you can enjoy any Master Card promotions. In addition, you don’t have to worry about any credit card surprises and overspending with our Debit Card!
How can I increase my chances of winning the Lucky Draw?
For every additional spending of HKD1,000 on Eligible Transactions within 60 days from the WeLab Bank Account Opening Date, by using the WeLab Debit Card (virtual and/or physical debit card), one (1) additional chance to participate in the Lucky Draw will be allotted to you