WeLab Bank is a homegrown virtual bank and it received its banking licence in April 2019 – making it one of eight virtual bank licensees in Hong Kong. The bank commenced pilot services under the Hong Kong Monetary Authority (HKMA) Fintech Supervisory Sandbox.
The virtual bank allows account opening in about five minutes, with zero monthly fees, according to Regulation Asia. The services on offer are time deposits, with a virtual debit card and real-time payments using the Faster Payment System. The WeLab debit card is a numberless card, issued in collaboration with Mastercard.
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