WeLab Bank has partnered with Mastercard to launch the WeLab Global Wallet Debit Card, becoming the first digital bank in Hong Kong to offer a multi-currency debit card.
The card allows customers to exchange up to 11 major currencies through the WeLab Bank App at cost price, with zero mark-up or hidden fees. Customers can also lock in their preferred foreign exchange (FX) rates.
Customers using the card at Mastercard merchants worldwide can spend in ten major foreign currencies. They do not have to pay the standard 1.95% foreign currency transaction fee.
A 0.4% cash rebate applies to all global spending. Cardholders can also access local currency from JETCO ATMs in Hong Kong and the Mastercard ATM network abroad, with withdrawals deducted from the corresponding foreign currency account.
Since its debut in December 2025, the card has seen overseas spending triple within a month.
WeLab Bank’s AI-powered rate comparison engine benchmarks FX rates against major Hong Kong banks, ensuring the “Best Rate Guarantee” for customers.
Tat Lee, Chief Executive of WeLab Bank, said:
“Being ‘AI-first’ powers our fintech innovation. Partnering with Mastercard to launch this card removes borders and redefines global payments and withdrawals. Combining our AI rate engine with competitive FX deposit offers allows customers to manage, save, and grow their wealth anytime, anywhere.”
Helena Chen, Senior Vice President, General Manager, Hong Kong & Macau, Mastercard, added:
“Multi-currency debit cards have gained traction among outbound travellers. Leveraging Mastercard’s global network and WeLab Bank’s innovation, this initiative reflects our understanding of evolving consumer needs and reinforces long-term support for digital banks.”
From 1 February, existing and new customers can access additional spending rebates.
They can also participate in Mastercard’s quarterly and monthly lucky draws, with prizes including up to HK$388,888 in spending credit.
Featured image credit: WeLab Bank