Hong Kong-based virtual banking platform WeLab Bank reports solid growth and adoption of digital financial services


WeLab Bank, a digital bank approved by the Hong Kong Monetary Authority (HKMA), celebrates its first anniversary with solid results.

Since it started offering services in July 2020, WeLab Bank claims to have raised “public expectations” of banking services with the launch of “innovative” products offered to residents of Hong Kong.

WeLab Bank takes great care “to deepen customer engagement through elements of social engagement, to the delight of its customers,” according to a statement shared with CI. In the first half of 2021, the digital bank remains committed to helping its customers manage, save and grow their money with the launch of enhanced smart banking experiences and the continued development of digital wealth management services.

WeLab Banking Chair Professor KC Chan and CEO Tat lee believe the virtual bank has “reshaped Hong Kong banking with a smart banking experience.”

WeLab Bank counts among its commercial achievements a clientele of approximately 130,000 customers.

As noted in the update, the bank GoSave term deposit remains popular, “contributing to the Bank’s total book deposit of HKD 2 billion at end-June 2021”. The personal installment loan linked to deposits GoFlexi “Recorded a total amount of claims of around HKD 700 million,” the announcement said.

The first numberless WeLab debit card “recorded nearly HKD 450 million in spending transactions,” the statement noted while adding that in terms of engagement, the card shows a “repeat user proportion of 87% , expenses for daily use being the most popular merchant categories overall.

The announcement further noted that 56% of WeLab Bank’s customers are monthly active users of its mobile app. The data “reflects that WeLab Bank’s customers are deeply committed to its products,” the statement said.

Chairman of WeLab Bank, Professor KC Chan declared:

“In just one year, WeLab Bank has catalyzed the digital transformation by introducing many innovative, digitally driven ideas to change the public’s deeply ingrained impressions of banking services and enable the public to manage their finances with more flexibility and enjoyment. in the process. Hong Kong’s banking industry today is very different from what it was a year ago before WeLab Bank launched. “

Tat lee, Managing Director of WeLab Bank, said:

“Using data, the power of the social and a commitment to financial inclusion as cornerstones, WeLab Bank has introduced many ‘First in Hong Kong’ products and services … Beware of WeLab Bank as we bring new smart banking experiences in Hong Kong in the second half of 2021, including collaboration with Allianz Global investors on the development of digital wealth management solutions.

WeLab Bank has confirmed that it will remain focused on leveraging the latest technologies, including Big Data and AI, “combined with its banking expertise and deep understanding of this industry, to deliver better digital banking services to customers. in the second half of 2021 “.

In addition, the Bank will use wealth technology “to facilitate financial planning” and “to enable investment engagement at all levels, in the spirit of financial inclusion for all”.

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