The H.S. Chau Foundation’s “Dear Girlfriends” program provides a HKD 3,300 cash subsidy to over 18,500 full-time female students from government secondary schools and subsidized secondary schools who will be taking the 2025 Hong Kong Diploma of Secondary Education Examination (HKDSE), alleviating the financial burden to allow the students to focus on their studies without worries.Innovating subsidy distribution flow with its digital settlement solutions and FPSThis is the first time for WeLab Bank to be participating in a city-wide large-scale subsidy distribution program in Hong Kong. When designing the subsidy disbursement flow, WeLab Bank took into consideration matters of efficiency and preferences and noted that some beneficiaries may prefer digital channels such as e-wallets (stored valued facilities). In contrast to traditional disbursement schemes in Hong Kong which have typically used cheques or bank transfers, WeLab Bank utilizes their cross-bank digital settlement solution, coupled with the Faster Payment System (FPS), to disburse the subsidy, ensuring a smoother digital experience through seamless connectivity to students' bank accounts and stored value facilities.This innovative method not only simplifies the processes and procedure but also reduces administrative time and costs, ensuring resources are delivered to beneficiaries more efficiently. Moreover, it allows students to complete their registration within three minutes, setting a new benchmark for large-scale subsidy programs in Hong Kong,Reimagining large-scale subsidy programs with fintechWeLab Bank Chief Executive Tat Lee stated: “WeLab Bank is honored to be the official digital settlement bank for the Dear Girlfriends program, curating a simple, direct, and secure digital subsidy application experience for Hong Kong. We are thrilled to join hands with the Foundation for this meaningful initiative. At WeLab, we are committed to giving back to society through our expertise. During the pandemic in 2020, we introduced the #HKCashDrop initiative, providing an interest-free, fee-free loan to advance the HKD 10,000 government subsidy to the public. We look forward to collaborating with more public or charitable organizations in the future, using our fintech capabilities to benefit the community.”In April this year, the Foundation invited nearly 400 government secondary schools and subsidized secondary schools in Hong Kong to participate in the Dear Girlfriends program. Female students taking the 2025 HKDSE at registered schools will receive email notifications starting today, they can follow the instructions (see attachment) to claim the subsidy. For any inquiries, students can visit the official website https://hschaufoundation.welab.bank or contact their schools.Special offers to celebrate the new school yearTo echo with the Dear Girlfriends program, WeLab Bank is launching the “Gift” You Books and Interests Rewards Program, encouraging Hong Kong students to cultivate saving habits and sharing their study expenses with savings and spending offers. New customers using the promo code “DEARGF” to open an account can enjoy the following dual benefits:- Offer 1: High-interest three-month GoSave 2.0 time deposits, with the first HKD 50,000 enjoying a special annual interest rate of 4%. The GoSave 2.0 deposits threshold is as low as HKD 10, with a range of tenor options and rates available.
- Offer 2: Enjoy HKD 50 cash rebate when spending HKD 300 or more at any bookstore in Hong Kong using the WeLab Debit Card.
Attachment – Subsidy collection process
- Students receive an email from [email protected] containing instructions and a QR code for login at the official website https://hschaufoundation.welab.bank.
- Students visit the designated website and log in using their school email address (or personal email submitted earlier) and the QR code from the email attachment.
- Students receive a One-Time Password (OTP) via email from [email protected].
- Students enter their designated bank account or FPS ID to claim the subsidy.
- Students receive the subsidy as soon as the next day.
