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WeLab Bank Becomes Hong Kong’s First Digital Bank to Launch Multi-Currency Debit Card Best FX Rates in Town with Cost Price and $0 Handling Fee．Seamless Overseas Spending and Withdrawals

27 Jan 2026

Tat Lee, Chief Executive of WeLab Bank (left) and Helena Chen, Senior Vice President, General Manager, Hong Kong & Macau, Mastercard (right), join hands to announce the launch of the Multi-Currency Debit Card to empower customers to effortlessly manage local, overseas spending and withdrawals in a simple and smart way.

 

27 January 2026, Hong Kong — WeLab Bank today announced a strategic partnership with Mastercard, becoming the first digital bank in Hong Kong to introduce a Multi-Currency Debit Card (“WeLab Global Wallet Debit Card”). Through the WeLab Bank App, customers can lock in their preferred FX rates anytime, anywhere to exchange up to 11 major currencies at the “Best FX Rates in Town”1—offered at the bank’s cost price (0% mark-up) with zero hidden fees2. This empowers customers to effortlessly manage local, overseas spending and withdrawals in a simple and smart way.

 

$0 Foreign Currency Transaction Fee & 0.4% Cash Rebate on Global Spending

Spending with the WeLab Global Wallet Debit Card at Mastercard merchants worldwide is now more rewarding than ever. When spending in 10 major foreign currencies—including Japanese Yen, US Dollar, Renminbi, Australian Dollar, Sterling Pound, Euro, Singapore Dollar, Canadian Dollar, Swiss Franc and New Zealand Dollar, customers can enjoy a complete waiver of the 1.95% foreign currency transaction fee with 0 exchange handling fee2. On top of these savings, customers can earn 0.4% cash rebate3 with every transaction, allowing them to truly “earn while they spend”. The WeLab Global Wallet Debit Card also delivers seamless access to cash globally4. Customers can withdraw local currency from JETCO ATMs in Hong Kong and the global Mastercard ATM network (including Cirrus®). Funds are deducted directly from the corresponding foreign currency account, ensuring a seamless and hassle-free experience.

 

Since the debut of the WeLab Global Wallet Debit Card in early December last year, customer response has been overwhelming, with overseas spending registering a more than 3-fold growth in a single month.

 

 

Lock in Preferred FX Rates with Best FX Rates Guaranteed in Town

Leveraging WeLab Bank’s efficient “AI-first” operating model, customers can exchange 11 major currencies at cost price without any hidden charges. The Bank’s unique AI-powered rate comparison engine5 benchmarks FX rates against major Hong Kong banks, instantly calculating savings for customers. Backed by the “Best Rate Guarantee” offer6, WeLab Bank ensures customers can lock in their preferred rates at the lowest FX rates available, maximizing their savings.


Tat Lee, Chief Executive of WeLab Bank, said: “At WeLab Bank, being ‘AI-first’ is the engine powering our fintech innovation. We are thrilled to partner with Mastercard to be the first digital bank in Hong Kong launching Multi-Currency Debit Card. This initiative removes borders, fundamentally redefining the global payment and withdrawal experience. We are taking this further by evolving foreign currency from a simple transaction tool into a dynamic wealth management asset. By combining our AI-powered rate comparison engine with competitive FX deposit offers, we ensure that whether for daily spending, saving or wealth management, every transaction is backed by our ‘Best Rate Guarantee’ offer. This all-encompassing approach empowers our customers to seize global opportunities to Manage, Save, and Grow their wealth—anytime, anywhere.”

 

Helena Chen, Senior Vice President, General Manager, Hong Kong & Macau, Mastercard, said: “Mastercard is committed to launching innovative payment products that cater to market needs, including multi-currency debit cards, which have gained significant traction among outbound travelers in recent years. Since their introduction, multi-currency debit cards have demonstrated outstanding performance, recording remarkable growth both in terms of number of cards issued and spend volume. Leveraging Mastercard’s decades of market experience and global acceptance network, coupled with WeLab Bank’s commitment to product innovation, Mastercard is proud to enable a new milestone in digital banking with the launch of the WeLab Global Wallet Debit Card. At a time when outbound and intra-regional tourism is gaining momentum as observed by the Mastercard Economics Institute, this initiative reflects both parties’ deep understanding of constantly evolving consumer needs. It also reinforces Mastercard’s long-term support for digital banks, especially WeLab Bank given our longstanding collaboration since the very beginning of the digital banking era.”


Exclusive Launch Offers

  • Starting from 1 February 2026, existing customers who place an additional deposit of HK$50,000 and maintain such amount until 31 March 2026 can unlock up to extra 7.6% cash rebate⁷ on local and overseas dining spending reaching HK$300 or equivalent with the WeLab Global Wallet Debit Card. On top of the 0.4% global spending rebate³, this delivers a massive total reward of up to 8% cash rebate!
  • Starting from 1 February 2026, new customers are welcomed with an exclusive offer: simply open a WeLab Bank account with designated referral code, bring in HK$50,000 new funds within 14 days and maintain such amount for 60 days from account opening to enjoy up to 20% spending rebate⁸.
  • Each eligible transaction made with the WeLab Global Wallet Debit Card will automatically qualify for the 2026 Mastercard Surprise Rewards quarterly9 and monthly10 lucky draw campaigns organized by Mastercard. From now until 31 March 2026, each eligible Mastercard transaction is entitled to one lucky draw entry, while transactions in designated spending categories can yield up to 20 lucky draw chances per transaction. A grand prize of HK$388,888 in spending credit is up for grabs. For more details, please visit the campaign website here.

 


1 The best rates in town comparison is based on the exchange rates collected from the websites, online banking or mobile banking of 28 retail banks in Hong Kong (excluding those which do not publish FX rates via the aforementioned channels) as of approximately 2:15 pm on 23 January 2026. Those rates do not include any special promotions, discounts, offers, membership programs or other preferential rates (including but not limited to volume discounts), but include any fees charged by any banks when conducting the FX transactions to facilitate the comparison.

2 Overseas spending may be settled either in the local currency of the country/region where the transaction takes place or in Hong Kong Dollar: (A) For transaction settled in the local currency, (i) foreign currency transaction fee waiver will apply if the transaction is settled in any of the 10 eligible foreign currencies (including Japanese Yen, US Dollar, Renminbi, Australian Dollar, Sterling Pound, Euro, Singapore Dollar, Canadian Dollar, Swiss Franc and New Zealand Dollar), and (ii) if a foreign currency exchange is required to complete the transaction, the exchange will be carried out at our prevailing exchange rate, and no foreign currency exchange handling fee will be charged. (B) For transaction settled in Hong Kong Dollar, the transaction will not be treated as a foreign currency transaction and will be subject to the exchange rate, fees, and charges determined by the merchant bank, rather than by us.

3 From now until 28 February 2026, you can enjoy 0.4% cash rebate on the Net Spending Amount of each Eligible Spending Transaction made with WeLab Global Wallet Debit Card. Terms and conditions apply. Click here for details.

4 Please activate the overseas withdrawal function via the WeLab Bank App before traveling. For details of overseas cash withdrawal fee, please refer to “General Service Charges” in WeLab Bank’s website.

5 We collect the exchange rates from the websites or apps of the selected retail banks set out above using AI (Artificial Intelligence) and determine the best exchange rate for each currency among those banks. These exchange rates do not include any special promotions, discounts, offers, membership programs or other preferential rates (including but not limited to volume discounts), but include any fees charged by any banks when conducting the FX transactions, to facilitate the comparison. The information is for reference only, and the exchange rates are rounded off to 4 decimal places (5 decimal places for Japanese Yen). Exchange rates fluctuate according to market conditions. Exchange rates may vary upon conducting actual transactions.

6 WeLab Bank will match and refund the difference in the event our customers find a better FX rate from other banks within 5 minutes after making an eligible FX transaction at WeLab Bank. Terms and conditions apply. Click here for details.

7 Terms and conditions apply. Click here for details.

8 Terms and conditions apply. Click here for details.

9 The lucky draw is organized by Mastercard Asia Pacific Hong Kong Ltd in the Hong Kong region. 2026 Mastercard Surprise Rewards Quarterly Lucky Draw Trade Promotion Competition Licence Number: 60929-36 (Applicable to the Hong Kong region only).

10 The lucky draw is organized by Mastercard Asia Pacific Hong Kong Ltd in the Hong Kong region. 2026 Mastercard Surprise Rewards Monthly Lucky Draw Trade Promotion Competition Licence Number: 60926-28 (Applicable to the Hong Kong region only).

 

Note: Foreign exchange involves risks. There is a risk of profit or loss due to exchange rate fluctuations when converting Hong Kong dollars to foreign currencies or vice versa, or when converting between foreign currencies.



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