Discover the Advantages of Virtual Banking: A Closer Look at WeLab Bank

Quick test: Do you know what VB stands for? If you‘re one of those tech savvies, you probably know that VB refers to virtual banks. However, virtual banking has only been introduced in Hong Kong for around four years, so the operating model is still relatively new. Some people may have come across many virtual banking offers, but may not fully understand how virtual banking works. So, how effective is it really? What makes virtual banking offers so attractive? And what are some common virtual banking offers? Read along for a comprehensive understanding of the service advantages, as well as some popular virtual banking offers!Definition of Virtual BankingAccording to the Hong Kong Monetary Authority (HKMA), "Virtual Banks" are different from other traditional bank online services and do not have any physical branches. They mainly provide banking services through digital channels, and all services can be processed through mobile applications or websites. So far, there are a total of eight virtual banks regulated by the HKMA in Hong Kong, and WeLab Bank is one of them. Not only has it received support from many international investors, but it was also named the most innovative bank in 20221!4 Advantages of Virtual Banks
  1. Time-saving and Convenient Account Opening: The major selling point of virtual banks is to offer a wide range of virtual banking services and enable customers to open their accounts remotely. Using just a mobile app, you can complete all the application steps, such as scanning your ID and uploading a selfie, and avoid long waiting times. With this flexibility, you can open an account anytime.
  2. Lower Account Thresholds and Transparent Fees: Traditional banks may require minimum assets or account balances and even charge low-balance service fees, depending on customer types. Virtual banks, on the other hand, are committed to promoting inclusive financing. Regardless of your deposit amount, you can enjoy a high-quality financial experience and virtual banking offers that are almost endless.
  3. Flexibility and Availability 24/7: Although traditional bank services, such as setting up fixed deposits or applying for loans, can be conducted online, they are still subject to business hours. Virtual banks, on the other hand, break through time and geographical restrictions. With just a few taps on the mobile app, you can check out various virtual banking offers anytime, anywhere and experience innovative banking services.
  4. Rich and Attractive Virtual Banking Offers: With lower operating costs than traditional banks, virtual banks offer more competitive virtual banking offers. WeLab Bank, for example, frequently offers cash rebates that cover account opening, spending, loans, and investments. Other recent highlights include the high-interest GoSave fixed deposit promotion "GoSave Festival"2 and co-branded benefits with companies from various industries. In recent years, WeLab Bank has teamed up with Tesla to offer Tesla’s exclusive customers 0% installment car loans3, regardless of whether they are new or existing customers, and to provide various other benefits.
Summary of Virtual Banking OffersTo attract customers to open accounts, virtual banks are constantly introducing new virtual banking offers. Take WeLab Bank as an example - you can enjoy the following promotions by opening an account in as little as 5 minutes4:
  1. Personal Loans: Whether it's installment loans or Debt consolidation loan, WeLab Bank provides tailored solutions with a dedicated Loan Master 5 to help you earn rich cashback rewards8. As a strategic partner of Tesla, WeLab Bank also offers low-interest unsecured loans for buying cars and cash rebate promotions on charging6.
  2. GoSave Fixed Deposits: In addition to saving money with different terms and rates, WeLab Bank also offers shockingly high-interest rates from time to time, with the latest offer providing a double-digit annual interest rate2.
  3. GoWealth Digital Wealth Advisory: No lock up period and no redemption fee. All fees are transparent with entry investment starting as low as HKD100, together with welcome offers from time to time.
WeLab Bank Product FeaturesIn addition to various virtual banking offers, WeLab Bank has also developed a range of financial products to cater to different customer needs. Here is a handy guide for you to better understand our products:
Personal Loans and Loan Masters6:WeLab Bank becomes your Loan Masters5  with a professional team utilizing a powerful intelligent system. Through data analysis and personalized algorithms, WeLab Bank provides a basic plan as well as two more flexible loan options. Applying for a loan takes as little as 3 steps, and you can receive funds within one day of approval7. Plus, successful applicants can receive an enticing cash rebate8!GoSave 2.0 Time Deposit:With a low entry threshold of just HKD10, you can easily start saving and achieve your savings goals on time. WeLab Bank also regularly launches the "GoSave Festival" with highly attractive interest rates2 that are more competitive than other virtual banking offers in the market!GoWealth Digital Wealth Advisory:To promote financial inclusion, WebLab Bank incorporates professional investment asset management from AllianzGI into its financial technology, enabling everyone to access financial advice easily. With just a smartphone, you can receive financial planning, investment portfolio recommendations, fund trading, and ongoing tracking of your financial goals within WeLab Bank app. Let us guide you towards financial independence and turn your dreams into reality9!
Want to learn more about WeLab Bank's various rewards and how they differ from other virtual banking offers? Click here to see more details: https://www.welab.bank/enTo borrow or not to borrow? Borrow only if you can repay!Note: This article is for information only and does not constitute any investment advice. Investment involves risks, please refer to the Important Notice herein for details. GoWealth Digital Advisory Services and fund investment are not deposits and not protected by Deposit Protection Scheme.1The claim is based on the result of the inaugural ‘Hong Kong Corporate Innovation Index’ 2022 held by the Asia-Pacific Institute of Business (APIB) of CUHK Business School.2See GoSave 2.0 Time Deposit Terms and Conditions for details.3The annualized percentage rate (“APR”) of the Loan is fixed at 0%. Assuming the loan amount is HKD400,000 with a tenor of 36 months, the APR will be 0.00%. The APR is calculated according to the guidelines issued in respect of the Code of Banking Practice and rounded to the nearest 2 decimal places and may vary for individual customers. Customers should refer to their loan confirmation letters for the relevant information and such information shall prevail. The APR is only applicable to designated loan amounts and for reference only. The final approved interest rate will be subject to customer’s credit assessment and the Bank’s approval. Terms and conditions apply, please refer to our official website for details.4Actual time may vary depending on factors such as your environment, connectivity and mobile phone.5Loan Masters refer to WeLab Bank’s self-developed approval system that works in tandem with the team that follows up with the customers, to provide professional advice to customers based on their unique loan requirements and financial situations.6From now until 30 April 2023, new customers who have successfully opened a bank account at WeLab bank or successfully applied for WeLab Bank Personal Loan with Referral code/ promotion codes starting with prefix ’TESLA5’ or  ’TE’ will be entitled to a 20% cash rebate using your WeLab Debit Card for eligible transactions conducted from the date of successful account opening or the date of successful loan drawdown until the following 5th calendar month. Monthly capped at HKD100. The promotion is subject to a quota and is available on a first-come, first-served basis. Please visit Terms and Conditions for more details.7The estimated period is calculated from the day the loan agreement is signed. The actual approval period and the actual time the loan is disbursed may vary upon information provided by the applicants.8From now on until 30 June 2023, successful WeLab Bank Debt Consolidation Loan applicants with an approved loan of minimum of HKD 1,000,000 amount and tenor of 36 months can enjoy up to HKD 13,888 cash rebate if the loan is drawn down within 7 days after approval; Successful WeLab Bank Personal Instalment Loan applicants with an approved loan of minimum of HKD 80,000 amount and tenor of 24 months can enjoy up to HKD 3,000 cash rebate if the loan is drawn down within 7 days after approval. The cash rebate amount will be credited into the Core Account on or before 31 October 2023. Please refer to terms and conditions for more details.9You may set up your investment goal via our Wealth Management Services on the WeLab Bank app, including the relevant investment horizon and one-time investment and monthly investment amounts. Our algorithm will recommend you a model portfolio based on your investment goal as well as your relevant personal circumstances. If you accept the recommendation, we will follow your instruction to process your one-time investment, and invest the monthly investment amount set by you in the model portfolio each month automatically. We will provide you various types of alerts/notifications, including but not limited to alerts/notifications about the status of your investment goal. However, such alerts/notifications are not investment advice. You may view the status of your investment goal and edit your investment goal on the WeLab Bank app according to your needs. The services are not discretionary asset management services. Any recommendation provided under the services is not a guarantee that you will achieve your investment goal.Importance NoticeThis document is for general information only. The information or opinion herein is not to be construed as professional investment advice or any offer, solicitation, recommendation, comment or any guarantee to the purchase or sale of any investment products or services. This document is for general evaluation only. It does not take into account the specific investment objectives, financial situation or particular needs of any particular person or class of persons and it has not been prepared for any particular person or class of persons.The information or opinion presented has been taken from sources (including but not limited to information providers and fund houses) believed to be reliable by WeLab Bank, but WeLab Bank makes no warranties or representation as to the accuracy, correctness, reliabilities or otherwise with respect to such information or opinion, and assume no responsibility for any omissions or errors in the content of this document. WeLab Bank does not take responsibility for nor does WeLab Bank endorse the information or opinion provided by any information provider or fund house.Past performance is not indicative of future results. WeLab Bank makes no representation or warranty regarding future performance. Any forecast contained herein as to likely future movements in interest rates, foreign exchange rates or market prices or likely future events or occurrences constitutes an opinion only and is not indicative of actual future movements in interest rates, foreign exchange rates or market prices or actual future events or occurrences (as the case may be).You should not make any investment decision purely based on this document. Before making any investment decisions, you should consider your own financial situation, investment objectives and experiences, risk acceptance and ability to understand the nature and risks of the relevant product(s). WeLab Bank accepts no liability for any direct, special, indirect, consequential, incidental damages or other loss or damages of any kind arising from any use of or reliance on the information or opinion herein. You should seek advice from an independent financial adviser if needed.WeLab Bank is an authorized institution under Part IV of the Banking Ordinance and a registered institution under the Securities and Futures Ordinance (CE Number: BOJ558) to conduct Type 1 (dealing in securities) and Type 4 (advising on securities) regulated activities.This document is issued by WeLab Bank. The contents of this document have not been reviewed by the Securities and Futures Commission in Hong Kong.