WeLab Bank

WeLab Bank Limited (Chinese: 匯立銀行) is a virtual bank based in Hong Kong, and is a wholly owned subsidiary of WeLab.

WeLab Bank Limited (匯立銀行)
TypeSubsidiary
IndustryVirtual Banking
Founded
  • Established on 21 August 2018 (2018-08-21)
  • Launched on 30 July 2020 (2020-07-30)
HeadquartersHong Kong
Key people
ParentWeLab
Websitewelab.bank

History

Founding to Launch (2018–2020)

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.[1] 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.[2][3]

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.[4][5] On the same day, WeLab Bank announced that current WeLab senior advisor Ceajer Chan would become its Chairman. 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.[6]

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.

Since Launch (2020–)

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.[7]

Product Scope

WeLab Bank currently offers deposit services (savings accounts and time deposits) to individual customers.[8]

Leadership
  • Chairman: Ceajer Chan (since April 2019)[9]
  • Chief Executive: Tat Lee (since January 2021)[10]

List of Former Chief Executive's
  1. William Leung (2018–2019)[11]
  2. Adrian Tse (2020–2021)[12]

Board of Directors
Appointed Name Role Titles Notes
21 August 2018 Simon Loong Non-executive Director Co-founder and Chief Executive of WeLab Limited Co-founder of the parent company of WeLab Bank
21 August 2018 Ceajer Chan Non-executive Director Chairman of WeLab Bank
1 June 2019 Lee Ka Tat Executive Director Alternate Chief Executive of WeLab Bank
8 November 2019 Adrian Tse Executive Director Chief Executive of WeLab Bank
1 June 2019 Donald Roberts Independent Non-executive Director Former Group Deputy Chief Financial Officer of Hutchison Whampoa Limited
30 August 2019 Irene Chang Independent Non-executive Director
30 August 2019 Lee George Lam Independent Non-executive Director Chairman of Cyberport Management Company Limited

Reference
  1. Yiu, Enoch (31 August 2018). "Hong Kong draws 29 applications for virtual bank licences". SCMP. Retrieved 12 April 2020.
  2. "Articles of Association of WeLab Digital Limited" (PDF). HKMA. 21 August 2018.
  3. "Certificate of Change of Name" (PDF). HKMA. Retrieved 12 April 2020.
  4. "WeLab gets Hong Kong's fourth online-only banking licence". Reuters. 10 April 2019. Retrieved 12 April 2020.
  5. "WeLab granted a virtual banking license by theHong Kong Monetary Authority to invigorate Hong Kong's fintech scene". WeLab. 10 April 2019. Retrieved 12 April 2020.
  6. "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". Edigist. 28 April 2020. Retrieved 3 May 2020.
  7. "HK virtual bank WeLab opens 10,000 accounts in first ten days; Livi goes live". Finextra. 13 August 2020. Retrieved 1 September 2020.
  8. "【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". Mingpao (in Chinese). 31 March 2020. Retrieved 13 April 2020.
  9. Poon, Gary (11 April 2019). "WeLab wins virtual bank license". The Standard. Retrieved 18 August 2020.
  10. "WeLab Bank announces appointment of Tat Lee as new Chief Executive". WeLab Bank. 14 January 2021. Retrieved 15 January 2021.
  11. "PLANETREE INTERNATIONAL DEVELOPMENT LIMITED" (PDF). HKEx. 2 June 2020. Retrieved 18 August 2020.
  12. "WeLab Bank's Chief Executive Dr. William Leung to retire, to be succeeded by Adrian Tse". WeLab Bank. 30 December 2019. Retrieved 18 August 2020.
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