Livi Bank Announces Launch of Virtual Banking Services

Source: Regulation Asia Manesh Samtani, Regulation Asia 2020-08-13

Livi Bank, backed by BOCHK, JD Digits and Jardine Matheson, has become the fourth virtual bank to open to the public in Hong Kong.

Livi Bank on Wednesday (12 August) becomes the latest virtual bank to launch services in Hong Kong, having been among the first set of licences awarded by the HKMA (Hong Kong Monetary Authority) last March.

The bank, backed by BOCHK, JD Digits and Jardine Matheson, has teamed up with UnionPay International to “shake up” payments in Hong Kong, it said in a press statement.

Livi Bank’s mobile app integrates a UnionPay QR Payment feature, which is accepted across 40,000 acceptance points in Hong Kong.

The app grants cash rewards to customers who shake their mobile phones after using UnionPay QR Payment on purchases. “We’re thrilled to be joining hands with UnionPay International to offer a fun and innovative payment experience for our customers.” said David Sun, the virtual bank’s CEO.

“Without the need for physical contact, UnionPay QR Payment also makes payment safer and more convenient during the Covid-19 pandemic,” the statement reads.

In line with other virtual banks, Livi Bank customers are not required to maintain minimum balances or pay any fees to keep their accounts open. A HKD 100 joining bonus is being offered to customers who open an account, as well as referral bonuses.

Livi Bank’s public launch follows the launch of full operations at WeLab Bank in July, and ZA Bank (by ZhongAn/Sinolink) and Airstar Bank (by Xiaomi/AMTD) in June.

Mox Bank (by StanChart/PCCW/HKT/Ctrip) and Ping An OneConnect Bank (by OneConnect Financial Technology) have so far announced the launch of pilot virtual banking services, while Ant Bank (by Ant Financial) and Fusion Bank (by Tencent/ICBC/HKEX/Hillhouse Capital/Perfect Ridge) are said to be conducting trial runs.

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Livi Bank

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Virtual Banking Services

Livi Bank Announces Launch of Virtual Banking Services

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