#DigitalBanking / HK virtual bank WeLab opens 10,000 accounts in first ten days; Livi goes live

WeLab’s new virtual bank in Hong Kong has picked up 10,000 new accounts within ten days of opening to the public… The mobile lender raised US$156 million … in December last year to build out its banking proposition, using AI, machine learning and big data to create a fully-functioning app-based service.

So far, more than 60% of new customers are using two or more WeLab Bank products, with the firm’s innovative GoSave time deposit account proving particularly popular. GoSave harnesses the power of the community to pay higher interest rate as more people join each group.

“…WeLab Bank is fully digital and everything can be done simply from their phone. Customers can open an account anytime, anywhere in as fast as 5 minutes, immediately use the virtual Debit Card to earn cash rebates, and board the GoSave minibus to earn competitive interest rates.”