In 2017, the Hong Kong Monetary Authority (HKMA) began to explore the need to accelerate the development of FinTech firms in Hong Kong, particularly virtual banks.

By 2018, the HKMA had begun the application process for a virtual banking license in Hong Kong, with the first deadline being 31 August 2018.

[1] In response to this initiative, WeLab established WeLab Digital Limited on 21 August 2018, and submitted an application before the first deadline; William Leung was appointed in December 2018 to oversee the application process.

[citation needed] WeLab Bank announced the launch of its Pilot Trial 1 year later on 28 April 2020, in which 2,000 users (selected from a pool of staff members, family and friends of staff, and the official waiting list) will be given early access to WeLab Bank's banking products.

[6] WeLab Bank officially launched to the public on 30 July 2020, 3 months after their pilot trial began and nearly 2 years after the company was established.