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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