When talking about a virtual bank, you may ask: “What is a virtual bank? Can I trust a virtual bank? What are the differences between virtual and conventional banks?” There is no denying that virtual banking is a new concept in Hong Kong that some people may not be too familiar with. In this blog, we will introduce you to virtual banks, and hopefully, clear up your confusions!What is a virtual bank?The Hong Kong Monetary Authority (HKMA) defines a “Virtual Bank” as a bank that primarily delivers retail banking services through the internet or other forms of electronic channels instead of physical branches.How many virtual banks are there in Hong Kong? ​The HKMA issued eight “virtual bank” licenses since 2019. There are eight virtual banks under the regulation of the HKMA, with WeLab Bank being one of them.No physical branches? What are the advantages of a virtual bank then?<ol><li>It’s convenient!</li></ol>To open a bank account remotely and enjoy 24/7 banking services anywhere, all you need is a smartphone! Say goodbye to waiting in long lines at conventional bank branches!2. There are no minimum balance fees!While many conventional banks have cancelled their minimum balance fees since the HKMA started issuing virtual banking licenses, not all of them have made this move - so if your account balance is less than their minimum balance requirement, you will be charged fees by the bank. In contrast, there are no such fees at virtual banks – rest assured, you can open a virtual bank account regardless of how much you deposit!3. Virtual banks can be connected to traditional banks too!Your virtual bank account can be linked with other banks via the Faster Payment System (FPS) and electronic Direct Debit Authorization (eDDA). Through these channels, you can enjoy a faster and more convenient inter-bank transfer at no cost.4. Virtual banks increase market competition!Due to lower operation costs, virtual banks can benefit their users by offering a higher interest savings rate or a lower loan interest rate. This leads to a more competitive market in the financial industry while bringing extra benefits to consumers.What kinds of protection do virtual bank customers get?Many first-time virtual bank users are worried about whether virtual banks are secure enough for them to deposit their money into. However, you can rest assured knowing that virtual banks, like conventional banks, are also regulated by the HKMA, and are required to comply with a stringent set of regulations.Except for a few overseas-incorporated banks covered by similar schemes in their respective countries of incorporation, all licensed banks in Hong Kong, including virtual banks like WeLab Bank, are members of the Deposit Protection Scheme (DPS) of the Hong Kong Deposit Protection Board. All eligible deposits taken by these banks are protected by the Scheme up to a limit of HKD 500,000 per depositor. The following is the DPS Coverage for your reference:Eligible deposits include:<ol><li>Various common deposit accounts (e.g. savings account, current account and time deposits with a term not more than 5 years)</li><li>Deposits held by individuals (including joint account) or corporations</li><li>Pledged deposits</li></ol>Ineligible deposits include:<ol><li>Structured deposits (e.g. foreign exchange linked and equity linked deposits)</li><li>Time deposits with a maturity longer than five years</li><li>Bearer instruments (e.g. bearer certificates of deposit)</li><li>Offshore deposits (e.g. deposits with overseas / mainland China offices of a Scheme member)</li></ol>Do note that some restricted license banks and deposit-taking companies are not members of the DPS, therefore your deposits in these companies are not eligible to be protected by the Scheme.If there are no branches for virtual banks, how can I get support?Although virtual banks mainly offer services through the online channels, customers can still get help from customer service in several ways. For example, with WeLab Bank, you can contact us via our 24/7 customer service hotline for immediate support any timeAll in all, virtual bank customers are not only protected, but can also enjoy lots of benefits! If you want to try something new, download the WeLab Bank app now and keep an eye on our website for the latest updates!

Behind the Scenes

A complete guide of all you need to know about “What is virtual banking?”

When we talk about virtual banks, what is the first thing that comes to your mind? In this article, we are going to debunk the myth that “virtual banks are unreliable”, and introduce WeLab Bank to you!Is virtual banking reliable?Some of you may think virtual banks are a bit risky as they are “virtual” without any physical branches. In reality, the eight virtual banks licensed by the Hong Kong Monetary Authority are required to comply with a stringent set of regulations. A few banks in Hong Kong are excluded from the Deposit Protection Scheme as they are covered by similar schemes in their respective countries of incorporation, while all licensed banks in Hong Kong are members of the Scheme.What is WeLab Bank?WeLab Bank is a virtual bank licensed by the Hong Kong Monetary Authority and was founded by WeLab Group. Unlike typical banks, we&#x27;ve seamlessly integrated technology into our lives and redefined how Hong Kong banks should have served you. WeLab Bank is also a member of the Deposit Protection Scheme and your eligible deposits taken by WeLab Bank are protected by the Scheme up to a limit of HKD 500,000 per depositor. This way, you can rest assured knowing that your WeLab Bank deposits are safe and protected!3 things you should know about the Deposit Protection Scheme (DPS)How can I apply for Deposit Protection Scheme?Your eligible deposits will be automatically protected under this Scheme without the need for you to apply for anything or pay any fees. In case a member bank of DPS (a Scheme member) fails, the DPS will pay a compensation of up to a maximum of HKD 500,000 to each depositor of the failed Scheme member.2.How will the compensation amount be calculated? All deposit accounts are entitled up to a maximum of HKD 500,000 compensation. If you have more than one account in the same bank, the amount in each account will be aggregated for calculating the compensation; if you have different accounts at different bank, the limit of HKDD 500,000 will be applied to each bank.3.What deposits are protected by the DPS?Eligible deposits include all types of ordinary deposits such as current accounts, savings accounts, and time deposits with a maturity not exceeding five years. Regardless of what currency your eligible deposits are (Hong Kong Dollars, Renminbi, or other foreign currencies), they will be protected by the scheme.But if your bank account is under an overseas bank branch, your account will be counted as an offshore deposit which will not be protected by the DPS.Did the information above reinforce your confidence in virtual banks? If so, remember to share it with your friends!

Deposit your money in Virtual Banks with a peace of mind | HKD500K Deposit Protection Scheme

Growing your income and reducing your expenses – these are the keys to save money. That sounds easy, but how many of us can actually achieve our financial goals? In the Worldwide Cost of Living 2020, Hong Kong was ranked first as the city with the highest living costs. Everything is expensive here, and it always takes a tremendous effort for people to achieve their financial goals. If you are looking for ways to save money, here are a few tips that you may be interested in!1.Create a savings goalBefore you start saving, ask yourself: What am I saving for? Travel? Buying a property? Marriage? Having a savings goal is the best way to motivate yourself! Once you’ve identified your goal, you are less likely to spend impulsively, and more likely to stop and reconsider before making any expenses.Even with an ultimate goal in mind, a plan is essential in order to meet your objectives. There are many different ways to do this – for example, you can consider breaking it down into weekly, monthly, and yearly saving goals to make it more progressive and realistic. For extra motivation, you can also consider printing out your plan as a constant visual reminder, or even invite your friends to join your savings challenge together!2.Establish a budget and track your spendingOnce you’ve set up your savings goal, it’s time to carry out your plan! Plan a budget and set aside a portion of your money for savings purposes, while for the rest of the money that’s planned for spending purposes, jot down all of your transactions and review each of them. This will be very useful for you to understand where your money is going, so that you can amend your budget goal accordingly. Find a way to keep track of your progress – there are plenty of wealth management apps, or even an Excel spreadsheet can also do the job . If you’re using WeLab Bank, all of your income and expenses will be shown in your WeLab Bank account, so that you have a full picture in one place without having to do the tracking manually.3.Cancel unnecessary subscription servicesBesides fixed services like insurance and telecom fees, let&#x27;s look at how many monthly plans you’ve subscribed to.Many of you may have 3-4 music subscriptions, but you’re most likely only using one of them. You may have a gym membership, but sometimes your gym closes too early or is just too far from your office or home, and so you end up paying for a one-time entrance fee and go to the nearest 24/7 gym. Another common scenario may be subscriptions to cloud drives for your 100,000 photos, of which 50% of them are images that you won’t flip through again.How many subscription services are you subscribed to? Think about which ones you really need and which ones are just “nice-to-haves”, and see if there is anything you can unsubscribe from!4.Spend smart with card productsAlthough we’re talking about savings, some daily spending is essential and unavoidable. By spending smartly with credit cards and taking advantage of different loyalty programs, you can maximize your savings! However, if you can’t control your spending, it’s best to avoid spending future cash with credit cards, as you’re essentially spending on a credit line that you’ll need to repay on time to avoid overdue charges and penalties. To ensure that you’re only spending money that you actually have, our WeLab Debit Card will deduct money directly from your core account, so that you’ll only be able to spend what you have! How to apply for a WeLab Dedit Card 👉 <a href="https://www.youtube.com/watch?v=OeXzX2_EyZI&amp;feature=emb_title">https://www.youtube.com/watch?v=OeXzX2_EyZI&amp;feature=emb_title</a>5.Monetize Your PassionBesides cutting costs, you can also look for ways to earn extra money with a side hustle! Typical side hustles include: private tutoring, teaching piano; or if you love writing, being a freelance copywriter is also a good idea. If photography is your thing, try selling photos on stock photo websites, or look for some weekend event photography jobs!Not a big fan of the ideas above? Watch our &quot;How to earn money by side hustle&quot; video to get more inspiration!Saving is easier than you think! Find methods that help you save and work for you, and say goodbye to overspending!

Lifestyle

5 Simple Ways to Start Saving Money

Want to retire at 40? Want to enjoy the rest of life as soon as possible by achieving financial freedom? We’re sure that these dreams are common amongst a lot of people, so in this article, we’re going to share a few easy-to-implement methods that can help you make money while you sleep!Method 1: Join a time depositPutting your money in time deposits is one of the best passive income ideas with very minimal risk. Simply put your money into a time deposit, and sit back and relax while you earn interest! One thing to note is that, since time deposits are liquid and less risky than other investments, they generally pay a very small amount of interest. As you can probably imagine, generating any meaningful income from fixed deposits would require a large initial deposit, as the interest rates are traditionally dictated by the deposit amount.For those of you who want to receive good interest rates without a large initial deposit, you can try GoSave, a time deposit product launched by WeLab Bank! Unlike traditional deposit products where the interest rate is determined by the deposit amount, your GoSave interest rate is determined by the number of joiners in the same time deposit pot, regardless of how much your deposit amount is: the more people who join, the higher the interest rate for all! We understand that many people don’t like to do time deposits because they are worried about getting penalised for withdrawing money before the end of the deposit period. So, to give extra flexibility, people can withdraw your savings prematurely up to 2 times from GoSave with no charge incurred!Method 2: Tidy your home on a regular basisThat’s right! It’s popular now to sell second-hand products you don’t have much use for through online trading platforms – whether it’s old books, toys, jewellery, watches, or even household items such as shoe cabinets and sofas, you can sell those on these platforms! Not only is this environmentally friendly, but you can generate a bit of profit through selling these items!Method 3: Run your YouTube channelWe’re sure everyone has come across YouTube videos before, with their wide variety of content for everyone. Other than providing entertainment for us, they are also mediums that can help generate passive income for their creators! The rule is: the more views for a video, the higher the income!For those of you who want to make money through YouTube, the first step is to join the &quot;YouTube Partner Program&quot;, and once you’ve passed the review, you can start receiving a share of the advertising revenue. Of course, it often isn’t smooth sailing right from the beginning, so if you want to earn some passive income through YouTube, be prepared to invest a lot of time and effort!If you want to explore more ways on generating passive income, this video might be useful 👉 <a href="https://www.youtube.com/watch?v=JoGNl4AnJCU">https://www.youtube.com/watch?v=JoGNl4AnJCU</a>Earning passive money is not difficult at all. All you need to do now is get started!

3 Ways to Earn Passive Income | Perfect for College Students

WeLab Bank knows that everyone has many exciting activities planned for the holidays, hence we have prepared this holiday shopping guide for you. Learn how to get 5% cash rebate* when spending with your debit card on Fridays, Saturdays, Sundays and Statutory Holidays now!Tip 1: Earn Cash Rebate Even at homeMost of you might go shopping, have big meals or go for staycations during weekends and holidays. If you want to spend your money smartly, it’s time to make good use of WeLab Debit Card’s 5% cash rebate*!Too lazy to go out? No worries, you can still earn our cash rebate with your WeLab Debit Card when you online shop or order food delivery!Tip 2: Earn Cash Rebate in preparation of Chinese New YearUnfortunately we might not be able to have big gatherings this Chinese New Year. Hence, it’s time to start prepping for food and getting Chinese New Year gifts by yourself for your friends and family!Whether you are going to the supermarket to buy ingredients and cook your own meals, or order takeaway food to enjoy at home, as long as the restaurants accept Mastercard payment, you can also enjoy 5% cash rebate* by using WeLab Debit Card!Going to a friend’s? Use your WeLab Debit Card for any last-minute shopping, so that you’ll never go empty-handed! Anywhere that accepts Mastercard, we got your back! Apart from the 5% cash rebate* on Fridays, Saturdays, Sundays and statutory holidays, there will also be a 1% cash rebate* on Mondays to Thursdays!Tip 3: New clothes for the New YearChinese New Year is the best excuse for buying new clothes! Many shops have special discounts during this festive period. It’s time to use WeLab Debit Card and enjoy up to 5% cash rebate* on top of your already discounted items – reward yourself while spending!For more information about our WeLab Debit Card, you can go to: https://www.youtube.com/watch?v=OeXzX2_EyZI*Terms and conditions apply. Offer valid until 31 January 2021. Each customer can earn up to HKD500 Special Rebate (from eligible spending on Fridays, Saturdays, Sundays and statutory holidays) as well as HKD500 Base Rebate (from eligible spending on Mondays to Thursdays). Total cash rebate limit is HKD1,000.

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WeLab Debit Card Holiday Spending Tips

2020 already passed and it&#x27;s time to set your 2021 financial goals. Whether you want to save for your future flat, increase your retirement savings, or pay off debt, there&#x27;s no better time to set some financial goals than at the start of a new year.1.Set a budgetNo matter what your income is, setting a budget is still essential. Setting a budget allows you to exercise discipline regarding how much of your money goes to necessities, how much goes to recreational expenses, and how much goes to savings and investments. By setting a budget plan and sticking to it, you’ll be in better control on how you can reach your financial goals.2.Learn about financial literacyLearning about money and finance may help you to manage your money in the right way. You can do this by researching online, reading financial books, or talking with trusted family members. Set a learning goal; whether it is a book or magazine, will give much you greater insight into a specific financial area.3.Advance your careerIt’s the new year – you may want to think about your career path. Maybe you love your job and you plan on staying here for the next ten years. In this case, find something to help advance your career, maybe through taking some relevant online courses. If you are not happy in your current job, perhaps it&#x27;s time to look around for a more fulfilling or hopefully, a better-paying job!4. Generate different sources of incomeLife is uncertain – hence you need to save enough money for emergency use. Apart from cutting expenses, you can try to generate additional sources of income.There are a variety of ways you can increase your revenue streams. Freelance work, for example, is great for those who have some specific skills such as photography, Photoshop and programming to offer others. But there are also less technical options to consider, such as providing delivery services and being a blogger. Additionally, if you have savings, you can consider investing or using the snowball method for saving to increase your passive income.By finding different ways to diversify your revenue streams, you won’t be entirely dependent on single income source. Not only can this strategy help you make more money and increase your savings, but it can also provide some protection if you lose your primary job.Tips: Open a WeLab Bank account, join the GoSave time deposit to earn high interest!How to open your WeLab Bank account 👉 https://www.youtube.com/watch?v=fvKxPt0Fz8g5.Get Out of DebtGetting out of debt is another key step to take control of your finance. Getting out of debt can reduce the potential amount you pay in interest, therefore allowing you to do the things you want. Set up a plan and stick to it. While sticking to the plan may be painful, it is worth it!You can also use WeLab Debit Card to reduce your debt. By using the debit card, all transactions will be directly deducted from your core account balance, so you can only use as much as you have. Say goodbye to overspending and credit card bills!

5 Financial Goals to Set in 2021

As its name suggests, a virtual debit card is a digital version of a traditional debit card. Like a physical debit card, a virtual debit card has the same 16-digit card number, expiry date, and CVV – the difference is that it doesn’t exist in physical form, but you can access your card details through the mobile app of its associated bank! With WeLab Bank, you can get a virtual debit card too! Once you’ve successfully opened your account with us, you will receive your virtual WeLab Debit Card and you can use it immediately for online purchases. If you are scared of overspending, you can always set a limit for your transactions[JW1] , or reduce the amount of money you have in your bank account. Always remember, debit cards only use the money in your account, so make sure your account has enough money before you make your purchase! What are the benefits of using a virtual debit card? Here&#x27;s why you need a virtual debit card! Why use a virtual debit card? 1.Added security One of the features of a virtual debit card is that you don’t have to be afraid of it being stolen! Losing your physical card means that anyone can pick up your card and use it (and all the money in your bank account), but with a virtual card, the details are only displayed in your mobile app, which you’ll need to have your phone with you, unlock it and login to the related virtual bank app in order to access your card credentials. For your WeLab Debit Card, even if your card credentials have been compromised, you can simply hit the “Report Lost Card” button in the mobile app to get a new virtual debit card instantly! No more calling hotlines and going through unnecessarily complicated steps! 2.More convenient and immediateIt typically takes several days, if not weeks, to deliver a physical card. In contrast, for your virtual WeLab Debit Card, it is available and can be used immediately as soon as your bank account is opened. No credit checks or lengthy verifications are needed – all that’s needed is the several minutes it takes for you to complete your bank account application, and then you can start spending online immediately!3.Better budgetingAnother feature of debit cards is that you cannot spend more than the amount in your account. We have gone an extra step to help you budget your spending better, where you can set daily transaction limits within the app. All of your transactions will also be recorded in the app so you can easily see how much and where you spent!How can I get a WeLab Debit Card? To get a WeLab Debit Card, just head over to the WeLab Bank app and open your bank account now! Your virtual Debit Card will be available once you successfully open your account. Once your WeLab Debit Card is ready, you can access your card details directly within the app! Login to the WeLab Bank app on your phone and click on “Debit Card” on the home screen, then tap on the little eye 👁️ icon on the top left of your virtual Debit Card image and voilà! You can get your Debit Card details such as your card number, expiry date, and CVV, instantly available and accessible for all your immediate online shopping needs! For more information about our WeLab Debit Card, you can go to: <a href="https://www.youtube.com/watch?v=OeXzX2_EyZI">https://www.youtube.com/watch?v=OeXzX2_EyZI</a>

What is a virtual debit card? How can I withdraw the money?

Everyone’s heard of a credit card, but do you know what a debit card is? Simply speaking, debit cards deduct money directly from your bank account when you make the purchase, whereas credit cards borrow the money from your bank. There are many benefits of using a debit card – we list out some of the main ones below!1.Staying within budget One of the benefits of using a debit card is that you don’t have to worry about overspending! That’s because the money of each purchase is directly deducted from your bank account, so you only get to spend what’s available. Even if you have trouble controlling your spending, the worst thing that can happen is that you spend all the money in your bank account, but nothing more than that – unlike a credit card, you will not go into debt. 2.Easily obtainable Unlike credit cards, the process of applying for a debit card is easier! Applying for debit cards generally do not require any minimum credit score, and as a result the application process is much simpler and shorter. 3.Avoiding additional fees and service chargesCredit cards often come with late fees, annual fees, and interest charges. On the other hand, debit cards typically have few or even no costs associated, as you’re only spending what’s available in your account – that way, your repayments will always be on time and you’ll never overspend. 4.Earning rewardsSimilar to credit cards, debit card have competitive rewards too! They reward users with cashback, points, or miles, without encouraging them to overspend to the same degree as credit cards do. For some people, the debit card spending model may be more suitable for those with an unstable income or those who do not want to spend in excess.What is a WeLab Debit Card? How can I apply for one?The WeLab Debit Card is a (very shiny &amp; trendy) vertical numberless debit card for all your shopping and cash needs!👉🏼 Instant issuance of a virtual debit card for you to use immediately for online purchases – while your physical one is being prepared👉🏼 One card for all spending and cash withdrawal needs – use your card anywhere that accepts Mastercard and JETCO ATMs👉🏼 Instant spending notifications whenever you use your card 👉🏼 Cashback and perks whenever you spend with your WeLab Debit Card👉🏼 Security and control at your fingertips – set transaction limits, reset card PIN, and access your WeLab Debit Card details at your complete discretion through the click of a buttonTo get a WeLab Bank Debit Card, simply download the WeLab Bank app and apply for a bank account with us. Your virtual WeLab Debit Card will be ready in your app once your account is successfully opened, so that you can start using it immediately! At the same time, your physical card will be prepared and delivered to you in around 5-7 working days. If your card has been lost, you can simply hit the “Report Lost Card” button in the mobile app to get a new virtual debit card instantly! For more information about applying for a WeLab Debit Card, check out this video: <a href="https://www.youtube.com/watch?v=OeXzX2_EyZI">https://www.youtube.com/watch?v=OeXzX2_EyZI</a>

4 reasons on why you need a debit card

Have you ever been confused about what the differences are between credit and debit cards? They both look similar, offer the convenience of not having cash, and are accepted at a lot of merchants. Take a look to understand how they’re different from one another! 👇🏼1.Source of money The fundamental difference between a credit card and a debit card is where the money comes from. When you make a purchase with your credit card, you’re essentially borrowing the money from your bank, which you’ll have to repay before a specified due date. The beauty is that you don’t need to have the money available at the point of purchase, BUT you run the risk of late repayments of your credit card’s outstanding balance (and incurring all sorts of penalties and fees as a result), as well as spending more than you afford. On the other hand, with a debit card, the money is deducted from your bank account directly when you make a purchase, so make sure you have enough money in the account before making a purchase! 2.Spending limit Another main difference between a credit card and a debit card is your spending limit. With a debit card, you can only spend from your saving in the bank account. And you can even set a limit for your transactions[JW1] – the more your spending limit is, the more you’re allowed to spend. With a credit card, you can spend up to the credit limit granted by your card issuer – this credit limit is determined by your credit score, which in turn is subject to a variety of factors, such as your credit history, income, and even your debt-to-income ratio. To increase your spending ability with a credit card, you will have to wait for your card issuer’s approval to raise your credit limit. 3.Impacts on credit score As mentioned above, when you buy something with a credit card, you are essentially borrowing money from the issuing bank to make the purchase. As your credit score is affected by a number of factors including your ability to repay your outstanding balances in time, make sure you’re in control your spending and can repay everything on time because a poor credit score will make it more difficult for you to get a loan for things like a car or home mortgage – even if you’re able to get a loan, you may need to repay it at a higher interest rate!Does this mean a debit card is the perfect solution? That really depends on your spending habits. If you’re a shopaholic and always run the risk of overspending, a debit card is the way to go. If you want to build a good credit score, a credit card may be a better option for you. Remember: if you’re looking to apply for a loan at some point (which might come in handy when you’re looking to buy property or a car), you need to maintain a healthy credit record! 4.RewardsWhen it comes to rewards, it can be the same for both credit and debit cards, depending on the banks’ promotional offers. Pay attention to the latest promotion from different banks in order to make the most of your spending!Hope you’re more familiar with the differences between a credit and a debit card after reading this article! Make sure you understand your spending habits before deciding whether a credit/debit card is suitable for you!

What’s the difference between a credit card and a debit card?

Saving money is a good habit that we all should have, but people often fall foul of saving their hard-earned cash because it doesn’t offer the sense of immediate satisfaction that spending does. Actually, savings will benefit you greatly in the future, so here are four reasons to why you need to save money!Increase flexibilityOne of the best things about being an adult is the independence and freedom to do whatever you want! Saving enough money can give you greater control over your freedom. No matter if you’re taking a sabbatical, starting up your own business, or switching careers – with enough savings, you can break free from your financial constraints and be in control of your life.On the other hand, if you haven’t saved enough and are in debt, you will have less independence and freedom. If you want to be financially independent and unshackled, remember to beef up your savings! Save for emergenciesNone of us know what the future will bring, so it&#x27;s important to have an emergency fund set aside to cover unexpected expenses. These may include unexpected home repairs, expensive medical bills, or sudden job losses. So, do your future self a favor and save up an emergency fund starting now! You’ll be thanking yourself in the (unlikely) event you need your emergency funds. Save for RetirementAnother important reason to save money is to prepare for your retirement! As a rule of thumb, many experts agree that you will need to save about 70% of what you make at the peak of your career to maintain that standard of living in retirement. So if you don’t want to find yourself running out of money and relying on MPF, start saving money when you are still young! Save money for education Have you ever been thinking of going back to school or sending your children to better schools? Education is also a reason for why you should save! Many people are keen to return to school to earn their masters or doctorate degrees, but these degrees often come with a hefty price tag. If you want to become a full time student again, don’t forget to save not only for your tuition, but also your living expenses. If you are a parent, putting some money away for your child’s college fund as soon as you can is always a wise option. This way, your kids won’t need to take out student loans, which usually take a very long time to pay off. Okay, ready to get started? At this time you might be thinking that saving sounds nice...but how can I do it? Go read <a href="https://www.welab.bank/en/blog/lifestyle/5-simple-ways-start-saving-money">How to Save Money – 5 Simple Ways to Start Saving Money</a> and find out the best way for you to save money!

4 Reasons why you need to save money

Are you tired of working your 9 to 5 job? Have you thought about starting your own business? Here are 5 tips on starting a new business! Follow your passionYou don&#x27;t have to love every part of your business, but you do have to be passionate about it. This means that you won’t quickly be tired of running that type of business. Also, if your business is in a field you love, your existing knowledge and skills in the field can take your business to the next level! Then, you might ask yourself “How do I know I really like this business?”. To make sure you&#x27;re on the right track, ask yourself whether you feel excited when you think of the business, and whether it is worth the time and money you will invest in it. If your answer is “no” to any of those questions, then the business probably isn’t suitable for you. Keep searching to find an area that you are truly passionate about to develop your business!Understand the marketOne of the biggest mistakes commonly seen in start-ups is that they develop an excellent business concept but deploy it in the wrong market. To minimize your risks, it’s important to understand the market that you will enter into. Talk to potential customers to find out if what you want to sell is something they&#x27;d be interested in buying, and if so, what they would pay for the product or service. Apart from accessing the target market, finding potential competitors is also the key to success. You can formulate your business plan by analysing competitors’ strategies through visiting their stores, looking at their website design, studying their marketing campaign and thinking how to amplify your unique selling point. Write a simple business planOne of the things you should do as a small business owner is to develop a business plan. As a new entrepreneur, doing this allows you to better understand both operational and financial goals, which will aid you in setting your budget and planning your marketing strategies. What’s more, it can also give you the overall direction of your business, and prevent unnecessary incidents from happening. Many of us learnt about SWOT analysis when we were student, execute it! This way, you can avoid losing your direction after running your business for a while. Start your business while you&#x27;re still employed It is quite challenging for most people to start a business without any income since it will take a while before your new business makes any profits. Worse yet, you may lose money due to economic slowdowns or a wrong business strategy. To ensure that you have money in your pocket to invest into the business and are able to keep up with your monthly living expenses, why not try starting your business while you are still employed?Keep learningIn the age of the internet, we are now able to find all types of information easily. The best part is a lot of this information is FREE. For example, you can watch tutorial videos from YouTube, borrow related books from library and search answers from Google. The key to success is to learn from other people’s mistakes while growing your own expertise and applying it to your situation. Keep in mind, Rome was not built in a day. It takes time and effort to establish a business. Hope you find the tips above useful and help you plan your business strategically!

5 tips for starting your business

Travelling around the world sounds amazing; but how do you do so if you don’t have the money to pay for it? No worries, there are lots of ways to make your money last longer when travelling on a tight budget! Travel during off seasonSome places become more expensive during Christmas, New Year and summer holidays. That’s because many people tend to travel during public holidays to enjoy their vacations. If you avoid these peak travel seasons, you’ll find that everything is cheaper, from souvenirs, accommodations, and even plane tickets! Do your homework before travellingIf you always book your flights and hotels at the last minute, you’ll find that they are often super expensive. To reduce these costs, do research in advance! You may find travel destinations at a slashed price, group-discount rates you can take advantage of or even different booking prices from different booking sites which can help you save a lot! Pack Appropriately If you pack what you need, you won’t need to buy it on the road. It doesn’t matter as much when you are going to countries with lower costs of living, but in countries with a higher living costs like Switzerland, everything is expensive. For example, Hong Kongers who want to travel in Vietnam can buy what they want in Vietnam relatively at ease as it will not be much of a burden to their pockets. On the contrary, Vietnamese tourists traveling to Hong Kong are better off stocking up on everything they may need, as the price level is much higher in Hong Kong. Stay in hostels Staying in a hostel brings down the cost of travelling if you don&#x27;t mind sharing a room with others! Not only is it an excellent way to save money while travelling, it’s also a wonderful place to meet people from different cultures and backgrounds! Apart from common living spaces, you might also enjoy the kitchens, lounges, and sometimes even free tours of the city offered by the hostels! As long as you don’t mind sharing a room with strangers, staying in a hostel is a valuable choice.Look for the local shopping hotspots You may not know the best place to buy groceries or dining when you arrive at your destination. However, locals do. You can save a lot by making friends with locals and asking for advice on the cheapest groceries or the best restaurants. They will also be happy to help you if they know you are genuinely keen to understand the local culture!Use student discounts If you are a student or still have a valid student ID card, there’s no harm in asking if various tourist attractions will offer you a student discount on admission. These include discounts on public transportation, movies, and museums. When there is a university nearby, some restaurants may even offer students a discount on food or drink prices! Discounts may range from 5% to 50%, which can help you save a lot while travelling. So, make sure to bring your student card and always see if stores have student discounts before making your purchase! Hope these travelling saving tips are useful to you!Planning for a trip after the Covid? Check out how the GoSave time deposit can help with your saving plan!

6 ways to save money smartly while travelling

To buy or not to buy? It’s common to see people in Hong Kong struggling between renting and buying their own home. Before making the decision, let’s weigh the pros and cons and see how you should prepare your financial plan!Why is Buying a House is a Good Idea?1.Long term investmentIn Hong Kong, the most common way to accumulate wealth is through homeownership. Buying a property can be an investment that allows you to have rental income. If the property&#x27;s value increases, you can also benefit from equity appreciation.2.You are free to customize your own homeYou are free to live however you want! You can have pets, change appliances, or even renovate your house, and no one can stop you.3.StabilityOwning a house can give you a sense of stability and settlement. There is also the pride of owning a property!Risks of Buying a House1.Long term commitmentGetting a mortgage requires a substantial down payment and monthly repayments of up to 30 years, a long-term financial commitment.2.Additional Monthly ExpensesOwning a house means more responsibility. You must pay for your building renovation fees, property taxes, and maintenance fees. Accumulated monthly expenses can be a huge cost.3.Less mobilityWhile buying a house offers more stability, it will be more challenging to accept an attractive job offer if it is located far from your home. Unlike renting, you can&#x27;t just move whenever you want.Why Renting a House is a Good Idea?1.Ease of MovingYou can move whenever and wherever you feel like after the lease&#x27;s fixed term depending on your financial or other circumstances.2.No/minimal maintenance and repair costsTenants are usually not responsible for fees related to repairs, appliances (e.g. air conditioners) and management. These are typically paid for by the owner.3.Low upfront costsYou don’t have to write a big check for a down payment to get a mortgage. You typically need the security deposit, which is usually the cost of 1-2 months rent.Risks of Renting a House1.Possibility of evictionIn a rented house, you’re at the mercy of the landlords as legal owners. If they decide to sell the house, you’ll probably have to move out.2.You can’t renovate the propertyAs a tenant, you are limited to what changes you can make to your home. If your home looks dated, you may just have to get used to it.3.Rents are subject to changeYou may be comfortable with what you are paying each month, but your landlord can increase the rent anytime your contract is over.4.Renting does not accumulate wealthThere is no investment in renting. When you leave the rented property, all you take is yourself and the moveable property that belongs to you. The property owner’s equity will grow, but yours will not.So, which is better, buying or renting?Although money plays the most important role in deciding whether to buy or rent a house, it is not just about money. Many other factors play a part in deciding which to choose. Questions like how long you expect to stay in the house, your future career goals, your life plan etc., all play a role in your decision.If you think it’s time to settle down in a specific location, buying a house may be a better option. The next step for you is to work out how much you can afford to borrow and how much you need to save.If you still believe there are many places in the world you want to explore or plan to immigrate, renting is most likely the best option since it provides you with higher flexibility.To have a better credit rating for mortgage or loan, start to manage your spending by using WeLab Debit Card!

To buy or to rent? Which is right for you?

Buying a house is probably one of the largest purchases in your life – you won’t want to make any mistakes! Take the time to do your research carefully before you commit to buying any property. We have a few tips below to help you! 1.Know your budget and start saving earlyBuying a home is more than just paying the mortgage every month. You have to pay utility bills, property taxes, home insurance, and more. It’s important to know how much you are able to afford before you make the purchase. This can be done by working with an experienced property agent to determine how much these costs are and adjust your plan based on your actual income. Then, set yourself a clear saving plan and stick with it!Want to save up for a home? You can consider joining WeLab Bank’s GoSave Time Deposit to earn attractive interest! Click here to see how to join GoSave 👉 https://www.youtube.com/watch?v=E1jebDMzQr4&amp;list=PLFldC7ETWyLTS5-YYNBiWm5_RHaIiyd6f&amp;index=6 2.Know and strengthen your credit scoreYour credit score will determine whether you qualify for a mortgage and affect the interest rate lenders will offer. A good score could help you get a low-interest rate, which can save you tens of thousands of dollars! However, if your score is not as desirable, if you remember to pay your bills on time, you may still have a chance to improve your score. Hence, remember to check your credit score and find ways to improve it before you borrow money to buy property! 3.Seek advice from experienced professionalsWith such a big purchase, it makes sense to get help from experts. Work with an experienced real estate agent for advice; a thorough and licensed home inspector to pinpoint any potential costly repairs; a mortgage broker to ensure your finance is structured to meet your needs and a lawyer to help you deal with all relevant documents.4.Pay attention to the marketIf you’ve fallen in love with an apartment, you might want to get it as soon as possible. However, patience is a virtue, and can help you save money! The market fluctuates daily, so pay attention to the latest property news and check if there are any big shifts in prices. Only invest your money in the property once the price is reasonable. Partnering with any experienced friends or trustworthy agents can also give you a second opinion! 5.Compare mortgage feesMortgage rates vary among different lenders. To be a smart and savvy investor, remember to do some market research to get the best rates! Given the large amount of a mortgage, the rates are usually negotiable. Ideally, go to a few different lenders to compare prices, because you are likely to get different offers – a savings of 0.5-1% on a mortgage is a lot! 6.Save, save and save more! Overall, the most important thing about buying a property is money, so get saving! One tip for you to save money – the WeLab Bank&#x27;s GoSave time deposit! Unlike traditional time deposit products, where the interest rate is determined by the deposit amount, your GoSave interest rate is determined by the number of joiners in the same time deposit pot as you, regardless of how much your deposit amount is: the more people who join, the higher the interest rate for all! To give extra flexibility, people can withdraw their GoSave prematurely up to 2 times with no fees incurred! Sounds attractive, right?

6 Tips For Buying A Home

Many companies offer bonuses to reward employees at the end of the year. If you&#x27;re one of the lucky ones who has received a great year-end bonus, and want tips on how to spend it, here are some ideas! 1.Pay off debtThe larger your monthly debt repayments are, the less you’ll have to invest for your future. Using a sizeable portion of your bonus to pay off debts, especially those with high interest rates, will save you money in long term. If you have credit card debts, home loans or car payment plans, you can also pay some of these off, so you have fewer interest payments in the future!To avoid unnecessary debt, you can consider using WeLab Debit Card. With a debit card, the money is deducted from your bank account directly when you make a purchase – unlike a credit card, you will not end up with a massive credit card bill! For more information about our WeLab Debit Card, you can go to: https://www.youtube.com/watch?v=OeXzX2_EyZI 2.Setup an emergency fundWe never know what the future holds for us - that’s why we should always be well-prepared. What if you have a large, unexpected expense and didn’t have cash on hand? You might end up having to take money out from your long-term investments. Hence, having an emergency fund is extremely important so you&#x27;re always prepared to deal with what life might bring — whether it be good or bad. You can try to save 6-12 months’ worth of living expenses as an emergency fund, and store in a liquid, low risk account. Since it may take time to build up your fund, putting some of your year-end bonus could be a good start. 3.Invest in yourself You also deserve to spend a portion of your bonus on yourself. Jobwise, you can invest in a training program to upskill yourself and help advance your career. You can also use your bonus on things that can fulfil your life, for example: learning an instrument, learning how to code, or even learning a new language. Last but not least, invest some of your bonus into your health! Get a gym membership, join a yoga course, or sign up for a fitness magazine subscription are all great options! 4.Splurge a littleWhile we did talk about how to use your year-end bonus wisely, it doesn’t mean you can’t splurge some on yourself. You’ve worked so hard this year, so you can reward yourself a little too! Go do something that makes you happy – go for a relaxing massage, enjoy a staycation over the long weekend, or have a nice dinner with best friends. You deserve it after working hard the whole year. Spending tips 🤑: from now until 31 March 2021, get 5% cash rebate when you eat out, hail a ride or shop for groceries with your WeLab Debit Card on Fridays, Saturdays and Sundays!* 💰*Terms and conditions apply. Offer valid until 31 March 2021. Each customer can earn up to HKD 250 Special Rebate (from eligible spending on Fridays, Saturdays and Sundays) as well as HKD 250 Base Rebate (from eligible spending on Mondays to Thursdays) every calendar month.

Smart Ways To Spend Your Year-End Bonus

Based on some previous interviews, we understand that most interviewees said they want to retire as soon as possible. However, how feasible is retiring early? With retirement comes with not working, which then means no steady stream of income. How are we able to live a carefree life when we no longer have a stable active income? Here’s where a well-planned retirement plan matters. So if you want to retire at 40, read on to see how you can save up for your retirement plan! 1.Estimate your retirement expensesDifferent types of expenses vary throughout your life. Some expenses, such as travel expenses, may increase when you get older, while others, such as clothing expenses, may decline. However, everyone has different spending habits, so it’s important to plan out your own retirement plan.Have a think about what will change once you retire, what your daily spending habits and amount will be like – once that is aligned, you can start saving with a clear target! 2.Consider future medical costsHealthcare costs are likely to increase as you get older. Spend some time on a health check up to understand your health, and any chronic diseases you might have in your family. This can help you more accurately plan out medical costs you might incur in the future. Having said that, it’s not easy to predict your health in the future. For peace of mind, you can consider getting medical insurance. Remember to also save up some emergency medical funds! 3.Pay off your debt on timeThe large your debt payments, the less you have to spend after retirement. Consider settling your debt payments on time so you no longer have to pay any outstanding loans after you retire. In addition, try using a debit card or cash to avoid racking up any credit card bills! By limiting new debt and reducing existing debt, you can avoid having to pay any interest when you retire! 4.Plan where you will liveWhere you live after you retire can have a significant impact on your savings for retirement. If you are planning to stay in the city but don’t want to spend too much, you can consider moving to a smaller house. You can also consider moving somewhere with a lower standard of living, so you can save some money. 5.Consult professional retirement plannersIf you have followed the steps above, but are still unsure about your retirement plan, you should consider finding a professional to help!Retirement is very important – so get a professional to help look through your retirement plan or even help you map out exact steps for your retirement will be very worth it!6.Join GoSave time depositDeciding when to retire mainly depends on whether you have enough savings. Why not take the chance to save your money with the snowball method? You can try GoSave, a time deposit product launched by WeLab Bank, to increase your retirement savings! Unlike traditional time deposit products where the interest rate is determined by the deposit amount, your GoSave interest rate is determined by the number of joiners in the same time deposit pot as you, regardless of how much your deposit amount is: the more people who join, the higher the interest rate for all! We understand that many people don’t like to do time deposits because they are worried about getting penalised for withdrawing money before the end of the deposit period. So, to give extra flexibility, people can withdraw their savings prematurely up to 2 times from GoSave with no fees incurred! How to open your WeLab Bank account 👉https://www.youtube.com/watch?v=fvKxPt0Fz8g

6 Tips to Consider for Retirement

Top 3 things to expect in FinTech Week 2021Taking place in the first week of November, Hong Kong FinTech Week 2021 has come to its 6th edition, once again gathering thought leaders, entrepreneurs and corporates in the fintech industry right in Hong Kong, the leading international financial hub in Asia.As leading homegrown fintech companies, WeLab Bank and its parent company WeLab Group are proud to be participating in this biggest event in the industry of the year.Want to know what you can enjoy in the week-long event? Read on for the top 3 things to look forward to in FinTech Week 2021:1. Physical and virtual conferencesThemed &quot;Scaling FinTech Future Together&quot;, Hong Kong FinTech Week 2021 will be held in hybrid form for the first time ever, available both in-person and virtually. The series of online and offline events will concurrently deep dive into research and applications of cutting-edge technology in Hong Kong and elsewhere in the Guangdong-Hong Kong-Macao Greater Bay Area, and growth opportunities in key finance verticals.2. Multi-track events with prominent speakersHosting over 250 speakers, 400 exhibitors, and 30 delegations from over 100 economies, the week-long event will feature multi-track conferences with prominent speakers, the Global Fast Track Programme, exhibitions, a deal floor, networking and satellite events and demo shows, just to name a few.What’s more, representatives of WeLab Bank and WeLab Group will be sharing their experiences and insights on numerous hot topics in the industry:<ul><li>Physical panel discussions on 3 November:</li></ul>- “Reaching the Unreached: Disruptive Technologies Changing the Narrative” (Speaker: Tat Lee, Chief Executive &amp; Executive Director, WeLab Bank)- “Funding the FinTech Revolution in Asia”(Speaker: Jessica Lam, Group Chief Strategy Officer, WeLab)<ul><li>Physical panel discussions on 4 November:</li></ul>- “Financial Institutions &amp; Fintech Working in Partnership” (Speaker: Simon Loong, Group CEO, WeLab)<ul><li>Online masterclasses from 1 November onward:</li></ul>- “Data-driven product design​” (Speaker: Michael Ng, Head of Digital Product, WeLab Bank)- “How to Win with Culture”(Speaker: Jenny Lee, Group Chief Product Officer, WeLab)3. FinTech Week exclusive: WeLab Bank HKD200 Welcome OfferIn celebration of the industry&#x27;s leading fintech conference, WeLab Bank is now unveiling a limited-time welcome offer, exclusive to all delegates of FinTech Week 2021! From now until 30 November 2021, simply open an account with WeLab Bank using referral code “WELAB1” to enjoy 100% spending rebate* capped at HKD 200 in the first 30 calendar days upon successful account opening.Mark your calendars and meet us at Fintech Week 2021! If you still haven’t registered, get your ticket now before it’s too late at <a href="https://www.fintechweek.hk/">https://www.fintechweek.hk/</a>!* This offer cannot be used in conjunction with other referral programmes. You can only use one referral code when opening a WeLab Bank account. Terms and conditions apply, please <a href="/en/legal/welab-bank-welab1-referral-code-account-opening-reward-terms-and-conditions/">Click HERE</a> for details.

WeLabbers Community

Hong Kong Fintech Week

Want to find out more about life of a WeLabber? Read on…Leo’s BackgroundLeo Du is a member of Infrastructure Team in WeLab Bank Technology Team. Having spent almost two years at WeLab, we are glad to have him here sharing his personal story, and telling us what he’s been witnessing many milestones of WeLab first-hand.Q: How was your first day at WeLab? How has your opinion changed since then?When I first arrived at WeLab, I was packed with anxiety and worries - coming from a traditional bank, I lacked the confidence to thrive in the FinTech industry and as my position as a founding member of the infrastructure team. But sooner or later, the discomfort faded, and these negative emotions were overshadowed by my eagerness to learn more.Q: Any advice for newcomers?I started only with one goal in mind: Ask more, learn more, do more; don’t fear tough times, unfavourable short-term losses, and any hassles that may arise. Before you know it, you will easily grow accustomed to our culture and the work we do at WeLab!Q: Sounds good! Is there anything that you wish someone has told you back then when you first joined?Don’t be afraid to explore at the start - ask your peers: identify what’s important; what has been done before &amp; what has not; what’s the value of the project. This ensures that everyone is on the same page, and it will prevent a LOT of re-dos. Trust me! Also, you get the benefits of collective thinking, of which I guarantee the results will be much better than one’s sole opinion.Q: Is learning a significant part of your time here?I cannot stress this enough, but you must develop an open mind-set to learn. Pick up new skills, absorb new knowledge, learn from your peers; internalize all the new information &amp; apply them onto your job! When needed, share your expertise, and pass it on.Q: What’s your secret to achieving so much at WeLab throughout your two years?It’s all about taking action. Speak to your manager regarding future plans and schedule. Act upon advice from meetings. Fix and learn from your mistakes proactively. Combined with planning &amp; flexibility (and some hardwork), you will become more efficient and can achieve more.If you guys are interested, drop your cv here! <a href="https://www.welab.co/en/careers/">https://www.welab.co/en/careers/</a>

Insider Magazine: First Episode - Leo Du (Infrastructure, WeLab Bank Tech)

Want to find out more about life of a WeLabber? Read on…Q: What incentivized you to join WeLab after graduation?Having the experience of different IT roles at various financial organizations in HK, I was very inclined to work at a bank - and a non-traditional one at that. I had a strong preference to work at a relative new company as I appreciate the opportunities to connect and bond with coworkers in different departments.Q: Were your coworkers, friends, and family surprised at your decision to join us?At that time, most people had an impression of ad-hoc and disorganised about start-ups, and so did my friends and family. They expressed their concern about my move to WeLab. But I had a different thought and an unique perspective on the matter.Q: Could you elaborate a little further?Well, WeLab Bank was a start-up at the time — and we were working in the most tightly regulated field as a company with limited experience. This mismatch between experience and the level of surveillance was undoubtedly going to be slightly messy, but precisely it did open up new doors for the whole banking industry, as people say, “disrupting the market”.Q: What makes WeLab unique?I view WeLab Bank as the platform to create changes — which is a three-step process. We must first change our own perspective, then influence the industry, and finally use that as a ticket to deliver real changes in our world. Think about how some businesses single-handedly changed the food-delivery market, and subsequently everyone’s lifestyle.Q: After working here, what are the qualities of WeLab that you admire the most?Here, I truly feel that everyone’s equal, and everyone’s voice is heard. WeLab values our department’s creativity and ideas, and we are empowered to freely put our vision into practice. Many ideas of ours were spontaneous, and we would get our hands dirty immediately by trying them out. Unlike traditional businesses, our fast-moving process really saves us a lot of time. The layers of bureaucracy typically would cost significant delays to traditional businesses’ work — taking up to 2-3 months for an approval, and half a year to implement plans. Here, two-three weeks are all we need, as long as we comply with the legal &amp; compliance rules.If you guys are interested, drop your cv here! <a href="https://www.welab.co/en/careers/">https://www.welab.co/en/careers/</a>

Insider Magazine: Second Episode – Wilson (Software Architecture, WeLab Bank Tech)

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The latest product updates, ideas financial tips and customer insight from the WeLab Bank team.