WeLab Bank - HK Digital Bank 4+

The Most Innovative Bank in HK

Welab Bank Limited

    • Free

iPhone Screenshots

Description

WeLab Bank understands your needs. We help you manage, save & grow your money, so you can live life the way you want.

• Open a bank account in as fast as 5 minutes online#
• Groundbreaking time deposit and saving interest rates
• Managed by “Digital Wealth Advisory” enabling you to diversify investment, enjoy no subscription fee¹

GOSAVE 2.0 TIME DEPOSIT:
• Various deposit tenors in HKD & USD
• As little as HKD / USD 10

Transfer:
• FPS transfers – Instant, free and 24/7
• FPS QR Code, paying your friends and family or settling bill/merchant payments
• USD local transfer (CHATS) and USD Global Remit services

Foreign Exchange²:
• USD foreign exchange service!

START INVESTING WITH FUNDS³:
1) Featured funds: Select your funds from a list of funds from global fund houses
2) Digital Wealth Advisory: personalized portfolios recommended by smart system
• No lock-up, redeem funds any time
• Start investing at HKD100

ALL-IN-ONE CARD:
• Virtual WeLab Mastercard® Debit Card
• Physical WeLab Mastercard® Debit Card⁴
• Spend wherever you like, whenever you like

WELAB BANK PERSONAL LOAN:
• WeLab Bank exclusive “Loan Masters“ ⁵
• Get preliminary approval in 3 steps via your app
• The annualized percentage rate (“APR”) from 1.68% to 36.00%⁵ and loan amount from HKD10K to HKD1.5M with tenors from 6 to 72 months
• Assuming loan amount as HKD1.5M with tenor of 24 months, the APR will be 1.68% (excluding cash rebate) ⁶

GIVING YOU A PEACE OF MIND:
• Instant notifications on every transaction
• Set your payment limits
• In-app and phone support from customer service agents

SECURE BANK:
WeLab Bank Limited is a member of the Deposit Protection Scheme in Hong Kong. Eligible deposits taken by WeLab Bank are protected by the Scheme up to a limit of HKD 800,000 per depositor.

To borrow or not to borrow? Borrow only if you can repay!

Above are subject to terms and conditions. Please refer to our webpage for details.

#Actual time to open an account with WeLab Bank may vary depending on factors such as your connectivity and mobile phone.

¹ 0.01% monthly platform fee will be charged for featured funds service.

² The foreign exchange transactions involve risk arising from exchange rates fluctuation. The information above is not and does not constitute or form part of any offer, recommendation, invitation or solicitation to subscribe to or to enter into any transaction.

³ Information is for reference only and does not constitute any investment advice, offer or solicitation to offer or recommendation of any investment product. Investment involves risks.

* We categorise the funds into different themes based on the funds' information. Information relevant to the funds is for reference only and does not constitute a solicitation, offer or investment advice.

⁴ If you choose to mail WeLab Mastercard® Debit Card to address in China, we will charge you HKD 35 as postage fee.

⁵ Loan Masters refer to WeLab Bank’s self-developed system that works with the team that follows up with the customers, to provide advice to customers based on their unique loan requirements and financial situations.

⁶ The APR is calculated according to the guidelines issued in respect of the Code of Banking Practice and rounded to the nearest 2 decimal places and may vary for individual customers.

The App and its information are not intended for use where prohibited by law or regulation. We have not obtained authorization from other jurisdictions to provide the products and services through this App, and we do not guarantee the content's appropriateness or availability outside Hong Kong. Please ensure compliance with local laws and regulations before using this App and/or our Services.
This App does not convey an invitation to engage in banking or lending activities, nor does it solicit services from individuals not permitted to do so under applicable laws. By applying for any products and/or services through this App, you confirm compliance with the local laws that apply to you.

What’s New

Version 1.8.40

Improving the account onboarding experience and provide more new features:
• New Release - Intelligent Financial Health Analysis* to help you instantly grasp your credit rating. Financial Intelligence Level Up!

*Terms and conditions apply.

Ratings and Reviews

3.4 out of 5
1.1K Ratings

1.1K Ratings

reviewer_gw ,

Great onboarding but card is misleading

Great oboarding experience and good UI.

One key challenge to the process is that the card isn’t fully “functional “ on day 1, it’s a little misleading. You can only purchase online on day 1 and cannot use at offline stores as apple wallet isn’t supported ? So you have to wait for the physical card to arrive before you can actually pay in stores. Also, given COVID, the mail is very slow in Hong Kong (not WeLab problem ) so it’s took over 3 weeks for my card to arrive.

Developer Response ,

Glad to know you love our app ❤ Congrats for getting the "FOUNDING MEMBER" card! Don't miss out our 8% cash rebate promotion: https://www.welab.bank/en/feature/8-cash-rebate

lennypenny2468 ,

Quick & easy

I don’t think I ever need to go to a bank branch again! Onboarded really quickly and easy to request a card and transfer money to save immediately into a GoSave! Still want to see more features though like bill pay so I can start using it as my main bank account!

Developer Response ,

Welcome to a new world of banking! Stay tuned with us for latest update on @welab.bank Instagram! Thanks for your support🥳

Zach_re ,

Definitely one of the worse virtual banks in Hong Kong.

The account closing procedure is not painless, but forces you to talk to their customer service representative, making a simple procedure into another sales pitch, and a long winded explanation that could be done with the click of a button, the way most other account closings work.

Their advertising is also extremely misleading, with lots of fine print. If you apply for anything, be prepared that it will take much longer than usual, and that you don’t get what you want in the first place. BEWARE.

App Privacy

The developer, Welab Bank Limited, indicated that the app’s privacy practices may include handling of data as described below. For more information, see the developer’s privacy policy.

Data Used to Track You

The following data may be used to track you across apps and websites owned by other companies:

  • Contact Info
  • Identifiers
  • Usage Data

Data Linked to You

The following data may be collected and linked to your identity:

  • Financial Info
  • Contact Info
  • User Content
  • Identifiers
  • Usage Data

Data Not Linked to You

The following data may be collected but it is not linked to your identity:

  • Location
  • Contacts
  • Usage Data
  • Diagnostics

Privacy practices may vary based on, for example, the features you use or your age. Learn More

Supports

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