WeLab Bank Limited Is A Virtual Bank And A Wholly-owned Subsidiary Of WeLab.
History
From Inception To Launch (2018-2020)
In 2017, The HKMA (HKMA) Began To Explore The Need To Accelerate The Development Of Fintech Companies In Hong Kong, Especially Virtual Banks. By 2018, The HKMA Had Started To Apply For A Virtual Banking License In Hong Kong With The First Deadline Of 31 August 2018. In Response To This Initiative, WeLab Established WeLab Digital Limited On 21 August 2018 And Submitted The Application Before The First Deadline; Leung Wai-hung Was Appointed In December 2018 To Oversee The Application Process. WeLab Digital Limited Changed Its Name To WeLab Bank Limited On September 16, 2019.
On April 10, 2019, WeLab Bank Became The Fourth Bank In Hong Kong To Be Granted A Virtual Banking License, Becoming The First Local Start-up To Receive This Honor. On The Same Day, WeLab Bank Announced That The Current WeLab Senior Advisor, Jay Chan, Will Be The Chairperson. WeLab Bank Announced On April 28, 2020 That It Will Launch A Pilot Trial In One Year, When 2,000 Users (selected From Employees, Employees' Relatives And Friends, Official Waiting Lists) Will Be The First To Use WeLab Bank's Banking Products.
WeLab Bank Was Officially Launched To The Public On July 30, 2020, Three Months After Its Pilot Began And Nearly Two Years After The Company Was Established.
WeLab Bank Became The Third Virtual Bank To Be Launched In Hong Kong, With Over 10,000 Accounts Opened Within The First 10 Days Of Launch
WeLab Bank Now Offers Deposit Services (savings Accounts And Time Deposits) And Loans To Individual Customers
