FINANCIAL SERVICES | Staff Reporter, Hong Kong

WeLab Bank rolls out in Hong Kong

Clients can open an account in five minutes.

WeLab Bank has publicly commenced digital banking services in Hong Kong, according to a news release.

WeLab Bank clients can open an account in five minutes with no monthly fees. They can avail of time deposits, an interest-bearing deposit account with an instant virtual debit card, and real-time payments backed by the Faster Payment System (FPS).

Customers can also apply for a numberless WeLab Debit Card issued in partnership with Mastercard which can be used to withdraw money from any JETCO ATMs in the city.

In addition, they can avail of 4.5% interest rates per annum through time-deposit product GoSave, where they can start with as little as $10 and withdraw cash from with no additional fees.

WeLab Bank is regulated by the Hong Kong Monetary Authority and a member of the Deposit Protection Scheme, where eligible deposits are protected up to a limit of $500,000 per depositor.

Photo courtesy of WeLab Bank.

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