After a three-month trial where it attempted to lure new customers and money with a 4.5 percent annual deposit rate, WeLab Bank officially launched for business yesterday, marking the third virtual lender to enter the market in Hong Kong. WeLab becomes the third of eight licensed virtual banks to launch in Hong Kong after ZA Bank, backed by Chinese insurer ZhongAn, and Airstar Bank, backed by Xiaomi and AMTD.
The firm will look to extend the competitive 4.5 percent rate to both big and small depositors not only as part of a broader aim to expand financial inclusion but also to combat the ongoing pandemic. WeLab’s cash rebate will be capped at around $387 until the end of August. The virtual bank’s debit card will also have access to cash withdrawal at over 2,000 Jetco ATM machines.