Welcome Savings Bank, 'Welbang Lotto' Event... Total Prize Money 20.2 Million Won

[Asia Economy Reporter Kim Min-young] Welcome Savings Bank announced on the 28th that it will hold a ‘Welbang Lotto’ event to celebrate the Welcom Digital Bank (Welbang) mobile banking platform surpassing 1 million downloads.

This event, held to commemorate 1 million downloads of the Welbang application (app), offers an opportunity to participate in an in-app lotto lottery event when signing up for a savings account through Welbang.

This event allows participation through the event entry window after signing up for a savings account, and one entry opportunity is given per savings product subscribed during the event period. The period runs until the 29th of next month, with a total prize pool of 20.2 million KRW.

The event operates similarly to the lotto run by the Lottery Commission. The first prize winner receives 10 million KRW, the second prize 5 million KRW, the third prize 3 million KRW, and the fourth prize 1.5 million KRW. If there are multiple winners for the same prize, the prize money for that rank is equally divided among the winners.

Participants choose 4 numbers from 30, excluding ‘12’ and ‘26’, which correspond to December 26th last year when the Welbang app surpassed 1 million installations.

The lotto drawing will be broadcast live on Welcome Savings Bank’s Facebook page on March 6th.

The prize money will be paid into the customer’s regular account at Welcome Savings Bank.

A representative from Welcome Savings Bank said, “This lotto event is held with the meaning that savings help accumulate a lump sum,” adding, “We will strive to assist customers in wise financial management through a more convenient mobile banking platform.”

Meanwhile, the prize money for this event is conditional on maintaining the Welcome Savings Bank savings product. The deposit amount for each savings product must be at least 100,000 KRW. However, the ‘Welcome Spare Change Round-Up Savings’ product is a flexible deposit and withdrawal product and is excluded from the 100,000 KRW minimum deposit requirement.