WeLab Bank
| File:WeLab Bank logo.png | |
| Company type | Subsidiary |
|---|---|
| Industry | Virtual Banking |
| Founded |
|
| Headquarters | Quarry Bay, Hong Kong |
Key people |
|
| Parent | WeLab |
| Website | welab |
WeLab Bank Limited () operates as a virtual bank and is a fully owned subsidiary under the WeLab group.
Formation and initial phase (2018–2020)
In 2017, the Hong Kong Monetary Authority (HKMA) launched initiatives to boost FinTech growth in Hong Kong, emphasizing the development of virtual banks. By 2018, HKMA invited applications for virtual banking licenses, setting the first submission deadline as 31 August 2018. Reacting promptly, WeLab formed WeLab Digital Limited on 21 August 2018 and filed its license application before the cutoff. In December 2018, William Leung was appointed to lead the licensing process. The entity adopted the name WeLab Bank Limited on 16 September 2019.
On 10 April 2019, WeLab Bank was granted a virtual banking license, becoming the fourth such institution in Hong Kong and notably the first local startup to achieve this milestone. At that time, Ceajer Chan, serving as a senior advisor at WeLab, took on the role of Chairman. The bank commenced its Pilot Trial on 28 April 2020, providing early access to banking services for 2,000 selected participants drawn from employees and waiting list applicants.
The formal public launch occurred on 30 July 2020, almost two years after its foundation and three months subsequent to the pilot phase.
Operations post-launch (2020–present)
As Hong Kong’s third virtual bank to begin operations, WeLab Bank successfully opened more than 10,000 accounts within its initial ten days.
Product Offerings
WeLab Bank delivers a range of deposit products such as savings accounts and fixed-term deposits, alongside personal loan services tailored for individual clients.
Management
- Chairman: Ceajer Chan (appointed April 2019)
- Chief Executive Officer: Tat Lee (appointed January 2021)
Previous Chief Executives
- William Leung (2018–2019)
- Adrian Tse (2020–2021)
Board of Directors
| Appointment Date | Director Name | Position | Primary Occupation | Remarks |
|---|---|---|---|---|
| 21 August 2018 | Simon Loong | Non-executive Director | Co-founder and CEO of WeLab Limited | Co-founder of WeLab Bank’s parent company |
| 21 August 2018 | Ceajer Chan | Non-executive Director | Chairman of WeLab Bank | Chairman |
| 3 March 2021 | Ernest Leung | Non-executive Director | Chief Operating Officer at WeLab Limited | COO of parent company WeLab Bank |
| 1 June 2019 | Lee Ka Tat | Executive Director | Chief Executive Officer of WeLab Bank | Chief Executive Officer |
| 1 June 2019 | Donald Roberts | Independent Non-executive Director | Former Group Deputy CFO at Hutchison Whampoa Limited | |
| 30 August 2019 | Irene Chang | Independent Non-executive Director | Ex-Head of Retail Credit at Citibank |