WeLab Bank
Homegrown HK virtual bank.
- Who holds it
- The company itself — it holds a full banking licence — HK virtual bank.
- The ledger
- The bank’s own core ledger.
- If it fails
- A covered-deposit payout through the local scheme, up to its limit.
Derived from WeLab Bank’s regulation type and custody — a class of protection, not a guarantee. Limits and eligibility vary by scheme, balance and jurisdiction; confirm before you rely on it. What happens if a neobank shuts down →
The facts
| Category | traditional |
| AI | AI underwriting in production |
| HQ | Hong Kong, HK |
| Founded | 2020 |
| Custody | Custodial |
| Regulation type | Licensed bank |
| License detail | HK virtual bank |
| Card | MC · Debit |
| Cashback | Rewards |
| Yield | Time deposits |
| Stablecoins | No |
| KYC | Yes |
| Active regions | Asia |
| Founders | Simon Loong |
Verified links: official site ↗
Common questions about WeLab Bank
What is WeLab Bank?
WeLab Bank is a fiat neobank, headquartered in Hong Kong, HK and founded in 2020. Your money is held custodially, so WeLab Bank or its partner bank holds the balance and you hold a claim on it. It is regulated as a licensed bank (HK virtual bank).
Does WeLab Bank have a card, and where can you use it?
It issues a Mastercard debit card. It is available in Asia.
Does WeLab Bank require KYC?
Yes. WeLab Bank requires identity verification (KYC) to open an account, as a licensed bank.
What does WeLab Bank cost?
From the verified fields: cashback Rewards; yield Time deposits. Cashback and yield are "up to" figures that change constantly and often depend on a paid plan — confirm current terms with WeLab Bank before relying on them.
Early investors
Peers
Wise · KakaoBank · WeBank · bKash · Maya · GCash
WeLab Bank appears in
Neobanks that hold their own banking license (132) · Neobanks available in Asia (132) · Neobanks that issue a Mastercard (150)
Figures compiled from public sources, for comparison only — not financial advice. "Up to" rates change constantly; always confirm with the issuer. Spotted an error? Suggest a fix.