WeLab Bank Limited () is a

virtual bank A direct bank (sometimes called a branch-less bank or virtual bank) is a bank that offers its services only via the Internet, mobile app, email, and other electronic means, often including telephone, online chat, and mobile check deposit. A direct ...

and a wholly owned subsidiary of WeLab.

History

Founding to launch (2018–2020)

In 2017, the

Hong Kong Monetary Authority The Hong Kong Monetary Authority (HKMA) is the central bank, central banking institution of Hong Kong. It is a government authority founded on 1 April 1993 when the Office of the Exchange Fund and the Office of the Commissioner of Banking merge ...

(HKMA) began to explore the need to accelerate the development of

FinTech Financial technology (abbreviated as fintech) refers to the application of innovative technologies to products and services in the financial industry. This broad term encompasses a wide array of technological advancements in financial services, ...

firms in

Hong Kong Hong Kong)., Legally Hong Kong, China in international treaties and organizations. is a special administrative region of China. With 7.5 million residents in a territory, Hong Kong is the fourth most densely populated region in the wor ...

, particularly virtual banks. By 2018, the HKMA had begun the application process for a virtual banking license in Hong Kong, with the first deadline being 31 August 2018. In response to this initiative, WeLab established WeLab Digital Limited on 21 August 2018, and submitted an application before the first deadline; William Leung was appointed in December 2018 to oversee the application process. WeLab Digital Limited changed its name to WeLab Bank Limited on 16 September 2019. On 10 April 2019, WeLab Bank became the fourth bank to be awarded a virtual banking license in Hong Kong, becoming the first homegrown startup to do so. On the same day, WeLab Bank announced that current WeLab senior advisor Ceajer Chan would become its Chairman. WeLab Bank announced the launch of its Pilot Trial 1 year later on 28 April 2020, in which 2,000 users (selected from a pool of staff members, family and friends of staff, and the official waiting list) will be given early access to WeLab Bank's banking products. WeLab Bank officially launched to the public on 30 July 2020, 3 months after their pilot trial began and nearly 2 years after the company was established.

Since launch (2020–)

WeLab Bank became the third virtual bank in Hong Kong to launch, and more than 10,000 accounts were opened within the first 10 days of launch.

Product Scope

WeLab Bank currently offers deposit services (

savings accounts A savings account is a bank account at a retail bank. Common features include a limited number of withdrawals, a lack of cheque and linked debit card facilities, limited transfer options and the inability to be overdrawn. Traditionally, transact ...

and

time deposit A time deposit or term deposit (also known as a certificate of deposit in the United States, and as a guaranteed investment certificate in Canada) is a deposit in a financial institution with a specific maturity date or a period to maturity, c ...

s) and loans to individual customers.

Leadership

* ''Chairman'': Ceajer Chan (since April 2019) * ''Chief Executive'': Tat Lee (since January 2021)

List of former chief executives

# William Leung (2018–2019) #Adrian Tse (2020–2021)

Board of directors

External links

Official websiteWeLab Bank on Instagram

References

{{Banks of Hong Kong Banks of Hong Kong Online banks Virtual banks of Hong Kong