WeLab Bank


WeLab Bank Limited is a virtual bank based in Hong Kong, and is a wholly owned subsidiary of WeLab Limited.

History

Founding to Launch (2018–2020)

In 2017, the Hong Kong Monetary Authority began to explore the need to accelerate the development of FinTech firms in Hong Kong, 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; 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 KC 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 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 was the third virtual bank in Hong Kong to launch, and the first bank to offer a physical debit card.

Product Scope

WeLab Bank has indicated that it will offer a range of deposit services, and will also collaborate with Mastercard in releasing a numberless debit card for banking customers.

Leadership

Chief Executive Officer

  1. Dr. William Leung, SBS, JP
  2. Adrian Tse

    Alternate Chief Executive Officer

  3. Tat Lee

    Chairman

  4. Ceajer Chan, GBS, JP