WeLab Bank Launches “Subscribe+ for Apple Products” Get Apple products with trade-in value deducted in advance

10 Oct 2022

WeLab Bank (or “the Bank”), the virtual bank dedicated to curating intelligent banking experience, announced the launch of an innovative subscription program – “Subscribe+ for Apple Products” with Apple authorized resellers. With the device’s trade-in value deducted in advance, customers can purchase Apple products at up to 30% off through the program1. For instance, customers can own the latest iPhone 14 (128GB) at a monthly fee as low as HKD 2072; or take home a MacBook Air (256GB) at HKD 185/month2 WeLab Bank is the only financial services provider in Asia offering this Apple products subscription program. Customers can enjoy the program via nearly 100 physical and online stores of FORTRESS and Wilson across Hong Kong3.ProjectAdam_(welabco)07Oct_EN.jpg“Subscribe+ for Apple Products” enables customers to purchase Apple products with the device’s trade-in value deducted in advance.“Subscribe+ for Apple Products” was first launched last September by another WeLab Group brand. The program was well-received by the market. This year, the program is transferred to WeLab Bank, providing customers with a convenient mean to own Apple products and adding more innovative feature to the Bank’s product suite.Subscribe+ for Apple Products – Key Features:
  • Deduct trade-in value in advance1, enabling customers to purchase Apple products at up to 30% off and at as low as HKD 0 interest4, with no hidden fees and any upfront costs. The product with the lowest monthly payment in the program is a 10.2-inch iPad (64 GB)2, the monthly payment is as low as HKD 58 per month.
  • “Guaranteed trade-in value”5 – Customers can opt to trade-in5 or keep the designated Apple products upon end of term.
  • No telecom contract binding – customers can enjoy better flexibility in owning Apple products.
WeLab Bank Chief Executive Tat Lee said, “WeLab Bank is dedicated to bringing intelligent banking experience into customers’ everyday lives, using cool gadgets is just one way of making the experience easier and enjoyable. ‘Subscribe+ for Apple Products’ offers customers a brand-new shopping experience with high flexibility, which is seamlessly integrated into the customer journey. The program uniquely deducts the device guaranteed trade-in value in advance so customers can purchase Apple products at up to 30% off and with zero upfront costs. On top of that, customers just need to make one single application for the program will enable customers to enjoy the special offer for Apple products. Going forward, WeLab Bank will work with more Apple resellers to make the program more accessible, allowing customers to own their favorite Apple products at ease.”Signing up for the “Subscribe+ for Apple Products” is simple and easy. Customers can confirm their monthly payment amounts and complete the application at both the online and offline point of sale. For iPhone and Apple Watch, WeLab offers a subscription period of 24 months; for iPad and Mac, the subscription period is 36 months. At the end of the program period, customers can either keep their devices by paying off the trade-in value and the last monthly payment amount; or simply return their devices to the participating authorized Apple resellers to offset the outstanding payment and complete the program4.For more details about “Subscribe+ for Apple Products”, please visit WeLab Bank website.This program is a credit product. To borrow or not to borrow? Borrow only if you can repay!Remarks:1This program is a revolving credit facility. Through this program, if you purchase an Apple product with assigned maximum trade-in value, monthly instalment amount will be calculated after deduction of the maximum trade-in value of such product. Depending on the Apple product purchased, the maximum trade-in value can be up to 30% of the purchase price of the Apple product.  Final instalment amount includes monthly instalment amount and the maximum trade-in value of the product.
2The monthly instalment amount is calculated based on 0% Annualized Interest Rate (APR) and the following assumptions:
press_apple_en.PNG^The final instalment is HKD2,139 (iPhone 14(128GB)), HKD3,035 (MacBook Air (256GB)) and HKD578 (10.2-inch iPad (64GB)).
The above illustrations are for reference only, the actual monthly instalment amount depends on the customer’s selected Apple product and final approval status.
3The “Subscribe+ for Apple Products” program will be rolled out across FORTRESS’ physical and online stores and Wilson’s physical stores in the first phase. Selected Apple products only available at designated reseller, please refer to reseller for details. WeLab Bank is not the supplier or reseller of Apple products. Any inquiry, comment or complaint about the quality of relevant Apple products or services should be directed to the relevant suppliers or resellers. The Bank will not be responsible for any matters in relation to relevant products or services. Any disputes arising from the Apple products and services should be resolved between the customer and the relevant suppliers or resellers. You will not enjoy the chargeback protection in the program, which means if the reseller fails to deliver the product or AppleCare+ and refuses to refund the purchase payment, we will not make any refund to you instead and your obligation to repay the instalment loan in full will continue.
4The Annualized Interest Rate (APR) under this program is as low as 0%. The APR is calculated according to the guidelines issued in respect of the Code of Banking Practice. The APR is for reference only and the APR and monthly repayment amount applicable to individual customers may vary. The revolving credit limit, APR and the loan tenor of the installment loan of this program will be subjected to the Bank’s final approval.
5Eligibility of trade-in and the trade-in value will vary depending on the actual condition and the extent of damage to the device(s). If the device meets all the relevant requirements as assessed and designated by the trade-in partner, the trade-In partner shall guarantee to buy back the device with the maximum trade-in value.
*Apple, iPad, iPhone and Macbook Air are trademarks of Apple Inc., registered in the U.S. and other countries and regions.
---- END ----About WeLab BankWelab Bank Limited (“WeLab Bank” or the “Bank”) is a virtual bank licensed by the Hong Kong Monetary Authority (“HKMA”). Founded by a team of financial and technology experts, WeLab Bank’s mission is to understand customers’ needs and design a personalized, intelligent banking experience that helps them manage, save and grow their money. WeLab Bank represents a 100% digital banking experience that is simple, intuitive, and built around our customers. WeLab Bank focuses on the powerful mobile app and multiple intelligent banking services, all designed with an obsession with customers’ experience and data security.WeLab Bank is a wholly owned subsidiary of WeLab Holdings Limited (“WeLab”), a leading pan-Asian fintech platform. WeLab provides a wide range of digital financial services with leading positions in Hong Kong, Mainland China, and Indonesia, with more than 50 million individual users and over 700 enterprise customers.WeLab is backed by the most renowned investors including Allianz, International Finance Corporation (a member of the World Bank Group), Malaysian sovereign wealth fund Khazanah Nasional Berhad, CK Hutchison’s TOM Group, and Sequoia Capital.To learn more, please visit www.welab.bank and www.welab.co. Follow WeLab Bank on Instagram: welab.bank.