Since the launch of eight virtual banks in Hong Kong four years ago, WeLab has been one of them. During this period, the CEO of WeLab, Long Peizhi, mentioned in an interview with the media that the term 'virtual bank' is quite unique on a global scale, as there are hardly any financial institutions using the same term worldwide. Long Peizhi pointed out that for ordinary consumers, it can be somewhat difficult to understand why it is called a virtual bank, as a matter of fact, WeLab not only has physical office locations but also possesses a professional staff team. He further explained that this name might cause some confusion, thus regulatory bodies received suggestions through multiple channels that there was a need to consider changing it.