WeLab Bank, one of Hong Kong’s leading digital banks, recently played a pivotal role in supporting the H.S. Chau Foundation’s “Dear Girlfriends” subsidy programme. As the official digital settlement bank for the initiative, WeLab Bank successfully disbursed over HKD 61 million ($7.9 million) in subsidies to 18,656 full-time female students across 354 secondary schools in Hong Kong. These students, preparing for the 2025 Hong Kong Diploma of Secondary Education (HKDSE) examinations, received financial assistance, easing the financial burden on their families and enabling them to focus on their academic goals.
Revolutionizing subsidy distribution with fintech solutions
For the first time, WeLab Bank used its innovative digital settlement platform to handle the entire process of subsidy distribution. It made a dedicated website and utilised Hong Kong's Faster Payment System, through which funds were transferred directly to students' bank accounts or e-wallets . The technology, therefore, got rid of paper-based checks and manual processes that consumed nearly 80% of administrative costs. The approach enhanced resource efficiency and delivered a seamless experience for beneficiaries, all while maintaining security and compliance standards.
Positive impact on students and families
A survey of 3,000 participating students revealed that the program was successful in reducing the burden on families. The survey showed that 94% of the students felt that the subsidy would greatly help them in their studies, while 95% felt that the examination fees were a huge burden. Moreover, 95% of the students were highly satisfied with the fully digitalised process, with many giving it an "excellent" rating.
This shift to digital solutions also coincided with the habits of students, as data showed that 60% of subsidies were redeemed in the evenings, and over 60% of students claimed their funds within 48 hours of receiving the QR code. The speed and accessibility of the digital platform were key to ensuring the timely support students needed to focus on their studies.
A commitment to corporate social responsibility and innovation
Tat Lee, CEO of WeLab Bank, expressed the bank’s dedication to leveraging fintech to drive positive social impact. He emphasized the role of the Faster Payment System in enabling the smooth, secure, and cost-effective distribution of subsidies.
WeLab Bank’s involvement in this large-scale subsidy initiative reflects its ongoing commitment to social responsibility and the use of technology to address societal needs efficiently.