Asian Fintech WeLab Introduces Subscription Program for Buying Apple Products

WeLab, an established Fintech firm in Asia, has introduced an innovative subscription program for buying Apple products with Apple authorized resellers, Subscribe+ for Apple Products.

Clients are able to purchase Apple products via the subscription program using the newly launched WeLab Pay that’s powered by WeLend platform.

For HKD 204 per month, clients are able to own the latest iPhone 13 (128GB storage), or pay  HKD 152 for a MacBook Air (256GB storage). WeLab claims that it is the first and only financial services provider in Asia that is currently offering this program for buying Apple products.

FORTRESS is reportedly the first retail partner to provide this unique program seamlessly via its large network of more than 70 physical branches as well as its online store in Hong Kong.

Key features of the Subscribe+ for Apple Products program are as follows:

  • Guaranteed trade-in option upon end of term
  • Deduct trade-in value in advance, making monthly payments as low as $58/ month[iii] for a
  • 10.2-inch iPad (64 GB storage), with no hidden fees and other upfront costs
  • Starting with 0% interest rate (terms may apply)
  • Customers can continue to enjoy low monthly payments in future device upgrades

Simon Loong, Founder and Group CEO of WeLab, stated:

“The launch of WeLab Pay is our innovative adaptation of the popular subscription model, powered by WeLab’s technology tailored for customer preferences. In Hong Kong, consumers always look for more transparent and better payment options that meet their spending needs. With the launch of Subscribe+ for Apple Products in Hong Kong, WeLab offers customers, particularly the new generation of – Gen Zers and Millennials – with a game-changing way of purchasing Apple products with more flexibility in spending.”

Simon added:

“The most unique part of this program is the innovative mechanism – by first deducting the high trade-in value of Apple Products[v], before calculating the monthly payments, this delivers great value and making low monthly payments possible for customers. The trade-in value of the device can be carried forward for future Apple upgrades, effectively creating a perpetual discount to the device list price for so long as they remain customers of this program.”

“FORTRESS is committed to providing innovative O+O shopping experience to meet customers’ needs and stay up-to-date with their lifestyles and shopping behaviors. We are delighted to strengthen our partnership with WeLab, offering this first-to-market Subscribe+ for Apple Products program to our customers with a flexible and seamless integration of O+O shopping and payment experience,” said Clarice Au, MD at FORTRESS.

Clarice added:

“Customers can visit our FORTRESS stores and eShop to bring their favorite Apple products back home, school or office by signing up this plan to enjoy great convenience and payment flexibility. At the end of the plan period, customers can return their device to FORTRESS and renew with the latest models, or keep their device by paying the trade-in value.” 

Signing up for the Subscribe+ for Apple Products online can be done via the WeLab Pay platform and will take around 5 minutes at a point of sale.

Clients are able to design their plans according to their requirements and “approved spending credit.”

For iPhone and Apple Watch, WeLab “offers a subscription period of 24 months.” For iPad and Mac, the “subscription period is 36 months.” At the end of the subscription period, customers can either “renew the program and upgrade to a newer model by simply trading-in the device; keep their devices by paying off the trade-in value and the last monthly payment amount; or simply return their devices to the participating authorized Apple resellers with the trade-in value.”

For more details on this update, check here.

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