WeLab Bank Limited is a virtual bank based in Hong Kong and a wholly owned subsidiary of WeLab. The bank was founded in response to the Hong Kong Monetary Authority’s (HKMA) push to accelerate the growth of FinTech and virtual banking in the region. Here’s a brief overview:
| Website | welab.bank |
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Founding and Early Development (2018-2020)
- 2017-2018: The HKMA identified a need to promote FinTech development and opened the application process for virtual banking licenses.
- August 2018: WeLab Digital Limited was formed, and an application for a virtual banking license was submitted. William Leung was appointed to oversee this process.
- September 2019: WeLab Digital Limited was renamed WeLab Bank Limited.
- April 2019: WeLab Bank was the fourth bank to receive a virtual banking license in Hong Kong, becoming the first homegrown startup to do so. Ceajer Chan was named Chairman.
- April 2020: The bank launched a Pilot Trial with 2,000 selected users gaining early access.
- July 2020: Official launch to the public occurred, following a successful trial period.
Progress Since Launch (2020-Present)
- Within the first ten days of its launch, more than 10,000 accounts were opened.
- The bank offers a range of financial services, including savings accounts, time deposits, and personal loans.
Leadership
- Chairman: Ceajer Chan (since 2019)
- Current Chief Executive: Tat Lee (since January 2021)
Former Chief Executives:
- William Leung (2018-2019)
- Adrian Tse (2020-2021)
Board of Directors
- Simon Loong (Co-founder and Non-Executive Director of WeLab Limited)
- Ceajer Chan (Chairman)
- Ernest Leung (Chief Operating Officer of WeLab Limited)
- Lee Ka Tat (Chief Executive of WeLab Bank)
- Donald Roberts (Independent Non-Executive Director)
- Irene Chang (Independent Non-Executive Director)
WeLab Bank represents a significant move in Hong Kong’s financial technology landscape, providing digital banking services that align with modern customer needs.
