WeLab: We will be fine. Applications for #HKCashDrop now open to get HK$10,000 interest-free today.

18 May 2020


Hong Kong – #HKCashDrop is open for application today. This WeLab initiative aims to deliver the HK$10,000 Government subsidy into people’s hands immediately, ahead of the proposed July or August timeline. Powered by technology, applicants just need to apply for #HKCashDrop online and the money can be in their bank account as quickly as the same day. We hope that by getting the HK$10,000 out in the form of a 5 month interest-free loan (at no cost and with zero interest) into people’s hands faster will help generate some positivity and give Hong Kong the much needed morale boost.

Less than 3 weeks ago, WeLab introduced #HKCashDrop to the people of Hong Kong as an idea where we wanted to do our small part as a homegrown fintech company, to help, support and give Hong Kong a boost, by getting the HK$10,000 to Hong Kong people faster. We conducted an online survey to gauge the receptivity and interest of this initiative, and the response was a resounding “YES”. Taking the feedback into account, we have decided to make it happen. Applications for #HKCashDrop is now open on a first come first serve basis.

Simon Loong, the Founder and Group CEO of WeLab, said “Being able to use technology to get HK$10,000 into people’s hands faster will bring much needed relief and positivity, but also practically facilitate the spending by the #HKCashDrop recipients, which should all help speed up the economic recovery with the multiplier effect. This aligns with our survey findings, where close to 70% of the respondents plan to spend the #HKCashDrop cash handout on daily necessities.

Loong added that,The COVID-19 impact has widespread implications on the economy, but at a difficult time like this, we believe our actions should represent something beyond the interest of business opportunities. We put people’s livelihood close at our heart when we decided to step up and help the community. Taking into consideration that the Government cash handouts should be disbursed in the coming 3 months, by extending a 5 month interest-free loan through #HKCashDrop we will be bearing these costs, whilst also giving the recipients of #HKCashDrop sufficient time to repay us.

With the power of technology, this is how #HKCashDrop works:

  • Apply in minutes – It takes as quick as 3 minutes, all online. Fill out a short application form and the only documents needed from applicants are a copy of their HKID and their ATM card for identity and direct deposit verification.
  • Fast funding – Once the interest-free loan is approved, recipients of #HKCashDrop will get HK$10,000 sent directly to their bank account within 1 day1.
  • Spend it, save it or donate it - Recipients can decide how to spend the money, either to help themselves, their family or others. We even have the option to donate the money on their behalf to 2 designated charities including Food Angel and The Hub Hong Kong. Recipients can also directly donate to the charity of their own choice.
  • Pay it back in 5 months - #HKCashDrop stays interest-free if recipients pay us back in 5 months. After 5 months, your interest-free loan becomes an interest-bearing 12-month personal instalment loan at a personalized rate.

1 Actual transfer time will depend on individual bank's transfer service hours.

#HKCashDrop is an independently organized initiative by WeLab to get you HK$10,000 earlier with the power of technology. All loans are provided by WeLend, a member of WeLab.

Support #HKCashDrop, support Hong Kong together. WeLab believes “We will be fine.”

For more information on #HKCashDrop, please visit www.hkcashdrop.com

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About WeLab

WeLab is a leading fintech company in Asia and operates one of the first virtual banks in Hong Kong. Founded in 2013, WeLab uses game-changing technology to help customers access credit, save money, and enjoy their financial journey. Currently, WeLab serves over 42 million users and 300 enterprise customers across Hong Kong, Mainland China and Indonesia.

Powered by proprietary risk management technology, patented privacy computing techniques and advanced AI capabilities, WeLab offers mobile-based consumer financing solutions and digital banking services to retail individuals and technology solutions to enterprise customers. WeLab operates in three markets under six key brands, including WeLend and WeLab Bank in Hong Kong, WeLab Digital (我来数科), Taoxinji (淘新机) and Tianmian Lab (天冕大数据实验室) in Mainland China and Maucash in Indonesia.

WeLab’s investors include Malaysian sovereign wealth fund Khazanah Nasional Berhad, CK Hutchison’s TOM Group, International Finance Corporation (a member of the World Bank Group), Alibaba Entrepreneurs Fund, Sequoia Capital and ING Bank.

For more information, please visit: www.welab.co

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