WeLab Bank has launched what it says is Hong Kong’s first AI-powered foreign exchange service, offering customers cost-price FX rates with no hidden fees.
The service is said to come with a “Best Rate Guarantee,” where the bank will match and refund the difference if a customer finds a better FX rate at another bank within five minutes after making an eligible FX transaction at WeLab Bank.
According to the bank, the AI system compares exchange rates from major banks across Hong Kong and provides 24/7 instant calculations in its app, showing customers the savings achieved through its rates.
The bank currently supports 11 currencies, including the Hong Kong dollar, US dollar, renminbi, Australian dollar, Canadian dollar, Swiss franc, euro, pound sterling, Japanese yen, New Zealand dollar and Singapore dollar.
It is also waiving handling fees for all global remittances until 31 December 2025.
Tat Lee, Chief Executive of WeLab Bank, said,
“We are proud to be the first digital bank in Hong Kong to transform traditional currency exchange services by leveraging AI, enabling our customers to seize the most competitive rates anytime, anywhere. By leveraging AI comparison engine, we are also able to pass on cost savings directly to our customers.
Looking ahead, we will continue to push the boundaries of innovation by integrating AI Agents into various banking services and collaborating with strategic partners to deliver hyperpersonalized and seamless digital banking experiences.”
The bank said it plans to work with its AI-first strategic partner Google to develop AI agents for instant, personalised financial insights and recommendations.
It also said future updates are intended to expand access to financial research tools that were previously limited to institutional and professional investors.
Featured image: Edited by Fintech News Hong Kong, based on image by thanyakij-12 via Freepik