(Bloomberg) --
WeLab Ltd., the fintech firm behind one of Hong Kong's newest online banks, said it will provide the city's HK$10,000-a-head ($1,290) handouts in advance for people who don't want to wait for the government to come around to making its payments.
The loans will likely be available at no cost and no interest for eligible applicants, it said. The company, whose backers include Alibaba Group Holding Ltd. and Sequoia Capital, said further details will be announced within three weeks after it gauges interest, it said.
Though Hong Kong was one of the first places on earth to announce mass handouts to its people since the coronavirus pandemic, administrative delays have pushed back expected payments to the third quarter or beyond. Many countries have followed, with places such as the U.S. already sending over checks.
Click here for more on how U.S. fintech Chime fast-tracked stimulus payments
For WeLab, the company is counting on the program to help bolster publicity for its Hong Kong banking unit, one of a crop of new online-only virtual banks, which on Tuesday announced the launch of a pilot scheme to offer financial services to the city's residents.
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