WeLab Bank

In 2017, the Hong Kong Monetary Authority (HKMA) began to explore the need to accelerate the development of FinTech firms in Hong Kong, particularly virtual banks. By 2018, the HKMA had begun the application process for a virtual banking license in Hong Kong, with the first deadline being 31 August 2018.{{Cite web|url=https://www.scmp.com/business/banking-finance/article/2162292/hong-kong-draws-29-applications-virtual-bank-license|title=Hong Kong draws 29 applications for virtual bank licences|last=Yiu|first=Enoch|date=31 August 2018|website=SCMP|archive-url=|archive-date=|access-date=12 April 2020}} In response to this initiative, WeLab established WeLab Digital Limited on 21 August 2018, and submitted an application before the first deadline; William Leung was appointed in December 2018 to oversee the application process. WeLab Digital Limited changed its name to WeLab Bank Limited on 16 September 2019.{{Cite web|last=|first=|date=21 August 2018|title=Articles of Association of WeLab Digital Limited|url=https://vpr.hkma.gov.hk/statics/assets/doc/100328/ma/ma01_eng.pdf|archive-url=|archive-date=|access-date=|website=HKMA}}{{Cite web|url=https://vpr.hkma.gov.hk/statics/assets/doc/100328/ms/ms01.pdf|title=Certificate of Change of Name|last=|first=|date=|website=HKMA|archive-url=|archive-date=|access-date=12 April 2020}}

On 10 April 2019, WeLab Bank became the fourth bank to be awarded a virtual banking license in Hong Kong, becoming the first homegrown startup to do so.{{Cite web|url=https://www.reuters.com/article/hongkong-banking-digital-welab-idUSL8N21S2KW|title=WeLab gets Hong Kong's fourth online-only banking licence|last=|first=|date=10 April 2019|website=Reuters|archive-url=|archive-date=|access-date=12 April 2020}}{{Cite web|url=https://www.welab.co/en/press-release/welab-granted-a-virtual-banking-license|title=WeLab granted a virtual banking license by theHong Kong Monetary Authority to invigorate Hong Kong's fintech scene|last=|first=|date=10 April 2019|website=WeLab|archive-url=|archive-date=|access-date=12 April 2020}} On the same day, WeLab Bank announced that current WeLab senior advisor Ceajer Chan would become its Chairman.{{Citation needed|date=November 2021}} WeLab Bank announced the launch of its Pilot Trial 1 year later on 28 April 2020, in which 2,000 users (selected from a pool of staff members, family and friends of staff, and the official waiting list) will be given early access to WeLab Bank's banking products.{{Cite web|last=|first=|date=28 April 2020|title=WeLab Bank試業！同朋友一齊定存愈多人愈高息 年利率最高4.5厘 推無卡號Debit Card|url=https://www.edigest.hk/article/157088/%E7%90%86%E8%B2%A1/welab-bank-%E8%A9%A6%E6%A5%AD-%E5%AE%9A%E5%AD%98-%E6%84%88%E5%A4%9A%E4%BA%BA%E6%84%88%E9%AB%98%E6%81%AF-%E5%B9%B4%E5%88%A9%E7%8E%87-%E7%84%A1%E5%8D%A1%E8%99%9F-debit-card/|archive-url=|archive-date=|access-date=3 May 2020|website=Edigist}}

WeLab Bank officially launched to the public on 30 July 2020, 3 months after their pilot trial began and nearly 2 years after the company was established.{{Cite web|date=2021-08-04|title=WeLab Bank Celebrates 1st Anniversary Reshaping Banking Services with Innovation|url=https://ffnews.com/newsarticle/welab-bank-celebrates-1st-anniversary-reshaping-banking-services-with-innovation/|access-date=2021-09-24|website=Fintech Finance|language=en-US}}

WeLab Bank became the third virtual bank in Hong Kong to launch, and more than 10,000 accounts were opened within the first 10 days of launch.{{Cite web|last=|first=|date=13 August 2020|title=HK virtual bank WeLab opens 10,000 accounts in first ten days; Livi goes live|url=https://www.finextra.com/newsarticle/36389/hk-virtual-bank-welab-opens-10000-accounts-in-first-ten-days-livi-goes-live|archive-url=|archive-date=|access-date=1 September 2020|website=Finextra}}

WeLab Bank currently offers deposit services (savings accounts and time deposits) and loans to individual customers.{{Cite web|url=https://m.mingpao.com/fin/instantf2.php?node=1585640932642&issue=20200331|title=【虛擬銀行】匯立銀行正進行內部測試 預告將推無號碼銀行卡|last=|first=|date=31 March 2020|website=Mingpao|language=zh|archive-url=|archive-date=|access-date=13 April 2020}}

• Chairman: Ceajer Chan (since April 2019){{Cite web|last=Poon|first=Gary|date=11 April 2019|title=WeLab wins virtual bank license|url=https://www.thestandard.com.hk/section-news/section/2/206779/WeLab-wins-virtual-bank-license|archive-url=|archive-date=|access-date=18 August 2020|website=The Standard}}
• Chief Executive: Tat Lee (since January 2021){{Cite web|last=|first=|date=14 January 2021|title=WeLab Bank announces appointment of Tat Lee as new Chief Executive|url=https://www.welab.bank/en/newsroom/welab-bank-announces-appointment-tat-lee-new-chief-executive/|archive-url=|archive-date=|access-date=15 January 2021|website=WeLab Bank}}

1. William Leung (2018–2019){{Cite web|last=|first=|date=2 June 2020|title=PLANETREE INTERNATIONAL DEVELOPMENT LIMITED|url=http://www.planetreeintl.com/uploads/files/e1/E0613.pdf|archive-url=|archive-date=|access-date=18 August 2020|website=HKEx}}
2. Adrian Tse (2020–2021){{Cite web|last=|first=|date=30 December 2019|title=WeLab Bank's Chief Executive Dr. William Leung to retire, to be succeeded by Adrian Tse|url=https://www.welab.bank/en/newsroom/welab-banks-chief-executive-dr-william-leung-to-retire-to-be-succeeded-by-adrian-tse|archive-url=|archive-date=|access-date=18 August 2020|website=WeLab Bank}}

• [https://www.welab.bank/en/ Official website]
• [https://www.instagram.com/welab.bank/ WeLab Bank on Instagram]

{{Banks of Hong Kong}}

Category:Banks of Hong Kong

Category:Online banks

Category:Virtual banks of Hong Kong