WeLab takes its virtual banking battle to Hong Kong’s bricks-and-mortar lenders with higher rates, rebates in opening salvo
Jul31

WeLab takes its virtual banking battle to Hong Kong’s bricks-and-mortar lenders with higher rates, rebates in opening salvo

Hong Kong’s newest virtual bank is seeking a slice of the city’s banking business by stirring up competition at a time when the Covid-19 outbreak is driving more consumers and businesses to online platforms. WeLab Bank opened for business today after a three-month trial by dangling a 4.5 per cent annual rate on deposits from as little as HK$10 (US$1.30), it said on its debut. The firm will also offer a juicy time-limited 8 per cent...

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