[1] The WeLab Bank Bonus Rate Challenge (“Challenge”) Week shall start from 18 October 2021 to 14 November 2021 (both dates inclusive), unless otherwise specified.

[2] The Challenge applies to Welab Bank Limited’s (“WeLab Bank”, “we”, “us” or “our”) selected customers (“you” or “your”) who hold a valid bank account with us within the Challenge Week(s). Upon receiving our invitation by either Email, SMS, or push notification, you will be automatically joined to the Challenge.

[3] There will be 4 rounds (“Round(s)”) of Challenge Week, and each round runs for 7 days (“Challenge Week”) as below. We reserved the right to change the Challenge Week at any time at our absolute discretion.

[4] You may join any Round(s) or all 4 Rounds of Challenge.

[5] To complete the Challenge, you must complete the 2 missions below during the Challenge Week.

During a Challenge Week, if you complete both missions as required in the table in Clause [5] above, you will be entitled to receive a cash rebate for your eligible deposit (up to HKD100,000 of your Core Account deposit balance holding with us) in your Core Account (“Cash Rebate”). The Cash Rebate will be calculated daily in simple interest instead of compound interest,

(i) based on the total daily deposit balance (up to HKD100,000) of your Core Account during that Challenge Week and the relevant bonus rate as provided in the table in Clause [5] above; and

(ii) on a 365-day basis (a 366-day basis in the case of a leap year).

For the avoidance of doubt, the interest of your Core Account will be calculated,

(i) based on the total daily deposit balance of your Core Account and our prevailing interest rate* for the Core Account as at the interest calculation day; and

(ii) accrue daily on a simple and 365-day basis (a 366-day basis in the case of a leap year).

* Our current prevailing interest rate for HKD for your Core Account is 0.1%. It is for reference only and is subject to change from time to time and at the Bank’s sole and absolute discretion. The latest prevailing interest rate for your Core Account can be obtained from our website or WeLab Bank App.

[6] The Cash Rebate will be credited into your Core Account in terms of cash rebate within 7 working days from the final day of each Challenge Week.

[7] The eligible daily deposit balance in the Core Account will be counted as at 23:59:59 Hong Kong time on each day.

For example:

(a) During a Challenge Week, if you maintain a daily deposit balance of HKD5,000 in your Core Account and you conducted 2 Eligible WeLab Debit Card Transactions within that Challenge Week, your Core Account deposit balance holding with us (up to HKD100,000) during that Challenge Week will be entitled to 0.5% p.a. bonus rate.

(b) During a Challenge Week, if you maintain a daily deposit balance of HKD10,000 in your Core Account and you conducted 4 Eligible Transactions within that Challenge Week, your Core Account deposit balance holding with us (up to HKD100,000) during that Challenge Week will be entitled to 1% p.a. bonus rate.

[8] An eligible transaction is defined as transactions conducted using your WeLab Debit Card (including (i) your virtual and physical WeLab Debit Card and (ii) your WeLab Debit Card which has been added in your mobile wallet) within the Challenge Week in any currency (“Eligible Transaction”). Transaction time will be based on Hong Kong Time (HKT).

[9] Our decision as to what constitutes an ineligible or Eligible Transaction (as the case may be) shall be final and conclusive. Ineligible transactions, shall include but are not limited to the below: (a) payment of banking fees and charges (including but not limited to annual fee, overdrawn fee, card replacement fee, ATM cash withdrawal fee, if applicable); (b) quasi-cash transactions including: (i) betting and gambling transactions; (ii) instalment payments; (iii) balance transfers; (iv) cash, token, vouchers payment and/or foreign exchange transactions at non-financial institutions (including cash coupon purchases, purchase of foreign currency, money orders and travelers’ cheques); and/or (v) any transactions at other financial institutions (including purchase of merchandise and services from banks); (c) bank transfers (by way of Faster Payment System, SWIFT, eDDA, etc.); (d) bill payments (including but not limited to water bills, electricity bills, insurance premiums, payments to other banks and credit cards, etc.); (e) tax payments to the Inland Revenue Department; (f) purchase and/or reload of stored value cards or e-wallets; and/or (g) unposted, cancelled and/or refunded transactions, in whole or in part. We may add to, or remove from, the list of ineligible transactions from time to time at our sole discretion.

[10] Transactions that have been cancelled or reversed in full will not be counted as Eligible Transactions. If the total number of Eligible Transactions conducted in that Challenge Week is lower than the number required after cancellation or reverse of any transaction in full, you will not be entitled to any bonus rate.

[11] If you have subsequently cancelled or reversed any transactions (in full or partial amount) in respect of which Cash Rebate has been credited to your Core Account, we reserve the right to debit the respective Cash Rebate directly from your Core Account without prior notice.

[12] The Cash Rebate will be rounded to the nearest cent.

[13] The Cash Rebate cannot be transferred, returned, exchanged, or converted into other forms unless otherwise specified by us.

[14] You agree and acknowledge that you are not entitled to receive any Cash Rebate if you close your Core Account at any time before the Cash Rebate is credited to your Core Account.

[15] Any breach of applicable laws or regulations, fraud, abuse, and/or non-compliance by you (as determined at our sole discretion) will result in forfeiture of your eligibility to participate in the Challenge and/or suspension or termination of all or any of your Account with us. We shall not credit the Cash Rebate or where the Cash Rebate has been credited, we reserve the right to debit the Cash Rebate from your Account (including but not limited to your Core Account) without notice and/or take such necessary legal action to recover any outstanding amounts.

[16] We reserve the right to suspend, modify or terminate this Challenge and/or amend these terms and conditions at any time without prior notice. In the event of a dispute, our decision shall be final, conclusive, and binding.

[17] Unless otherwise defined, terms defined in our Account Terms shall have the same meanings as in these Challenge Terms and Conditions when used herein.

[18] These terms and conditions shall be read in conjunction with our Account Terms. In the event of discrepancies or inconsistencies between these terms and conditions and the Account Terms, these terms and conditions shall prevail.

[19] In the event of any discrepancy between the English and Chinese versions of these terms and conditions, the English version shall prevail.

Core Account’s deposit is a deposit qualified for protection under the Deposit Protection Scheme in Hong Kong.

Effective date: 18 October 2021