WeLab Bank launches virtual bank services

Monday 3 August 2020 10:56 CET | News

WeLab Bank has launched of virtual banking services, making it the third virtual bank in Hong Kong to do this.

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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Keywords: WeLab Bank, banks, banking, virtual banking, virtual banks, Hong Kong, banking licence, Hong Kong Monetary Authority, HKMA, fintech, Fintech Supervisory Sandbox, debit cards, cards, payments , Faster Payment System, numberless card, MasterCard
Categories: Banking & Fintech
Countries: Hong Kong
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Banking & Fintech

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