• Published on 9 September 2024
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WeLab Bank provides digital experience for H.S. Chau Foundation’s subsidy programme

WeLab Bank announced its role as the official digital settlement bank for the H.S. Chau Foundation’s “Dear Girlfriends” subsidy programme.

The bank also revealed the subsidy distribution arrangements, where eligible students will receive email notifications in batches starting today, containing instructions for claiming the subsidy and a QR code for login.

The H.S. Chau Foundation’s “Dear Girlfriends” programme provides a HKD 3,300 ($423.30) cash subsidy to over 18,500 full-time female students from government secondary schools and subsidised secondary schools who will be taking the 2025 Hong Kong Diploma of Secondary Education Examination (HKDSE), alleviating the financial burden to allow the students to focus on their studies without worries.

Innovating subsidy distribution flow with its digital settlement solutions and FPS

This is the first time for WeLab Bank to be participating in a city-wide large-scale subsidy distribution programme in Hong Kong. When designing the subsidy disbursement flow, WeLab Bank took into consideration matters of efficiency and preferences and noted that some beneficiaries may prefer digital channels such as e-wallets (stored valued facilities). In contrast to traditional disbursement schemes in Hong Kong which have typically used cheques or bank transfers, WeLab Bank utilises its cross-bank digital settlement solution, coupled with the Faster Payment System (FPS), to disburse the subsidy, ensuring a smoother digital experience through seamless connectivity to students' bank accounts and stored value facilities.

This innovative method not only simplifies the processes and procedure but also reduces administrative time and costs, ensuring resources are delivered to beneficiaries more efficiently. Moreover, it allows students to complete their registration within three minutes, setting a new benchmark for large-scale subsidy programmes in Hong Kong,

Reimagining large-scale subsidy programmes with fintech

Tat Lee, WeLab Bank chief executive stated: “WeLab Bank is honoured to be the official digital settlement bank for the Dear Girlfriends programme, curating a simple, direct, and secure digital subsidy application experience for Hong Kong. We are thrilled to join hands with the Foundation for this meaningful initiative. At WeLab, we are committed to giving back to society through our expertise. During the pandemic in 2020, we introduced the #HKCashDrop initiative, providing an interest-free, fee-free loan to advance the HKD 10,000 ($1,282) government subsidy to the public. We look forward to collaborating with more public or charitable organisations in the future, using our fintech capabilities to benefit the community.”

In April this year, the Foundation invited nearly 400 government secondary schools and subsidised secondary schools in Hong Kong to participate in the Dear Girlfriends programme. Female students taking the 2025 HKDSE at registered schools will receive email notifications.

Special offers to celebrate the new school year

To echo with the Dear Girlfriends programme, WeLab Bank is launching the “Gift” You Books and Interests Rewards Programme, encouraging Hong Kong students to cultivate saving habits and sharing their study expenses with savings and spending offers. New customers using the promo code “DEARGF” to open an account can enjoy the following dual benefits:

Offer 1: High-interest three-month GoSave 2.0 time deposits, with the first HKD 50,000 ($6,413) enjoying a special annual interest rate of 4%. The GoSave 2.0 deposit threshold is as low as HKD 10 ($1.28), with a range of tenor options and rates available.

Offer 2: Enjoy HKD 50 ($6.41) cash rebate when spending HKD 300 ($38.48) or more at any bookstore in Hong Kong using the WeLab debit card.

Re-disseminated by The Asian Banker