Introduction
Livi Bank is a virtual bank in Hong Kong that offers innovative digital banking services designed to simplify the banking experience for individual consumers and small business owners. As a virtual bank, Livi Bank provides all its services through a mobile app, ensuring convenience, flexibility, and accessibility. The bank is backed by strong shareholders, including BOC Hong Kong (Holdings), JD Technology, and Jardine Matheson Group, which supports its financial strength and technological expertise. Website Here
Personal Banking Services
Accounts and Deposits
Savings Accounts: Livi Bank offers the liviSave account, which is designed to provide a seamless saving and spending experience. The liviSave account features no minimum deposit requirements and no maintenance fees, making it accessible to a broad range of customers. Customers can benefit from competitive interest rates, with promotional rates that can reach up to 2% per annum during specific periods. The account offers flexibility with instant fund transfers and real-time updates on account balances through the Livi app. Additionally, the liviSave account includes features such as automatic savings options, which help customers save effortlessly (Livisave HERE).
Current Accounts: The liviSave account also functions as a current account, providing multiple ways to access funds and manage money. Customers can make payments, transfer funds, and handle their finances using the Livi app. The account supports QR code payments, which are widely accepted by merchants across Hong Kong, and instant transfers via the Faster Payment System (FPS). Additionally, customers can set up transaction alerts to stay informed about their financial activities. The account supports multiple currencies, making it convenient for international transactions. Overdraft facilities are also available to help manage short-term liquidity needs.
Time Deposits: Livi Bank offers time deposit accounts that provide higher interest rates for fixed-term savings. These deposits are available in multiple currencies, including HKD, USD, EUR, and GBP. Customers can choose from flexible terms ranging from one week to twelve months, allowing them to match their investment horizon with their financial goals. The time deposits require a minimum deposit amount, and early withdrawal may incur penalties. These accounts are designed to help customers earn attractive returns on their surplus funds while maintaining a high level of security (Time deposits can be found on the Livisave page).
Private Banking: Livi Bank does not offer private banking services.
Loans and Credit
Personal Loans: Livi Bank provides the livi Flexi Loan, an unsecured personal loan with flexible repayment options. This loan product is designed to help customers meet various financial needs, such as emergency expenses, large purchases, or debt consolidation. The livi Flexi Loan offers competitive interest rates, quick approval processes, and the ability to reborrow repaid principal amounts, providing a reusable credit facility without additional fees for early repayments. The bank’s personal loan products are designed to provide financial support without the need for collateral, ensuring customers can manage their financial challenges or opportunities with greater ease. By offering a streamlined application process and favorable terms, Livi Bank aims to deliver convenient and efficient lending solutions tailored to individual financial situations (Flexiloan).
Home Loans: Livi Bank does not offer home loan products at this time.
Credit Cards: Livi Bank offers the livi PayLater Mastercard, which functions similarly to a credit card by allowing customers to make purchases, pay bills, and manage their finances through the app. The card can be added to Apple Pay and Google Pay for convenient mobile payments. It provides customers with benefits such as cashback rewards, travel insurance, and exclusive discounts, catering to various spending habits and preferences. Cashback cards reward users with a percentage of their spending returned as cash, making them ideal for everyday purchases. Rewards cards allow customers to earn points for every purchase, which can be redeemed for a wide range of products and services, including travel and dining experiences. Travel cards offer perks like travel insurance, airport lounge access, and discounts on flight tickets and hotel bookings (PayLater Mastercard).
Investment and Wealth Management
Investment Products: Livi Bank currently does not offer traditional investment products such as mutual funds, bonds, or stocks.
Wealth Management: Livi Bank does not provide wealth management services.
Insurance
Life Insurance: Livi Bank does not offer life insurance products.
General Insurance: Livi Bank offers a variety of general insurance products, including the Easy HomeCare and Universal Voyage Travel Insurance Plan. These products provide coverage for health, travel, home, and other personal needs, ensuring comprehensive protection against unforeseen events. Health insurance plans cover medical expenses, hospitalization, and critical illnesses, ensuring that policyholders have access to necessary healthcare services without financial strain. Travel insurance protects against travel-related risks such as trip cancellations, lost luggage, and medical emergencies abroad. Home insurance covers damage to property and personal belongings due to fire, theft, or natural disasters, providing peace of mind for homeowners. Motor insurance protects vehicle owners against losses resulting from accidents, theft, or damage to their vehicles.
Digital Banking
Online Banking: Livi Bank’s online banking platform enables customers to manage their accounts, transfer funds, pay bills, and access various banking services anytime, anywhere. This secure and user-friendly platform provides comprehensive banking solutions right at the customers’ fingertips. Through the online banking portal, users can perform a wide range of transactions, such as checking account balances, reviewing transaction histories, and setting up recurring payments. The platform also allows for seamless fund transfers between accounts, both within Livi Bank and to other banks, making financial management more convenient. Additionally, customers can pay their utility bills, credit card bills, and other expenses online, eliminating the need for physical visits to branches or payment centers. The online banking system is designed to ensure maximum security with advanced encryption and authentication methods, safeguarding customers’ personal and financial information. By providing 24/7 access to banking services, Livi Bank’s online banking platform ensures that customers can manage their finances efficiently, no matter where they are.
Mobile Banking: Livi Bank’s mobile app offers unparalleled convenience with features such as account monitoring, transaction alerts, and mobile payments. The app allows customers to access and manage their bank accounts on the go, providing real-time updates on account balances and transaction histories. Users can set up and receive instant alerts for transactions, ensuring they are always aware of their financial activities. The mobile payment feature enables customers to pay bills, transfer funds, and make purchases directly from their mobile devices, streamlining the payment process and eliminating the need for physical cash or cards. The app also supports quick and secure login options, including biometric authentication, to enhance security while maintaining ease of use. With the Livi Bank mobile app, customers can enjoy a comprehensive banking experience that fits seamlessly into their busy lifestyles, providing them with the tools they need to manage their finances efficiently and securely).
Small Business Banking Services
Business Accounts
Business Current Account: Livi Bank’s livi Business Account is designed to support daily business transactions with a range of features tailored to meet the needs of businesses. These accounts offer overdraft facilities to help manage cash flow, cheque services for convenient payment processing, and multi-channel access through online banking, mobile banking, ATMs, and branch services. Customers can easily handle transactions, monitor account activity, and access detailed monthly statements to simplify financial management. The business current account is ideal for companies looking for a reliable and flexible banking solution to streamline their financial operations and enhance efficiency (Business Account).
Business Time Deposits: Livi Bank offers business time deposits that provide higher interest rate options for businesses looking to invest surplus funds for fixed periods. These deposits are available in multiple currencies, including HKD, USD, EUR, and GBP. Businesses can choose from a range of flexible deposit tenors, from one week to twelve months, allowing them to match their investment horizon with their liquidity needs. The bank offers competitive interest rates and foreign exchange rates, ensuring attractive returns on deposits. A low minimum deposit requirement makes these accounts accessible to a wide range of businesses. Additionally, businesses can utilize flexible financing tools, allowing them to get finance up to a percentage of the current market value of their time deposit, providing both investment growth and liquidity solutions (On the Business Account page).
Loans and Financing
Business Loans: Livi Bank offers various financing solutions, including term loans, working capital loans, and trade finance, to help businesses manage cash flow and expansion needs. These loans provide long-term funding for capital expenditures and business growth, short-term funding for daily operational expenses, and support for import and export activities through services such as letters of credit and trade loans. These financing options are tailored to ensure businesses can access the funds they need for growth and operational stability (Business Instalment Loan).
SME Loans: Livi Bank offers a variety of loans specifically tailored for small and medium-sized enterprises (SMEs) to provide the necessary funds for growth and operational stability. These loans include flexible financing options designed to meet the unique needs of SMEs, such as working capital loans and term loans for business expansion projects. By providing competitive interest rates and tailored repayment schedules, Livi Bank ensures that SMEs have access to the financial resources needed to sustain and grow their operations effectively. This comprehensive support enables SMEs to focus on their business goals while managing their financial requirements efficiently (Business Instalment Loan).
Trade Services
Trade Finance: Livi Bank’s trade finance services support import and export activities through a variety of solutions, including letters of credit, bills collection, and trade loans. Letters of credit ensure that payment is made to exporters upon fulfilling the terms of the trade agreement, providing security for both buyers and sellers. Bills collection services facilitate the handling of export documents and the collection of payments, while trade loans offer financing to cover the costs associated with international trade transactions. These services help businesses manage the complexities of global trade and maintain smooth operations by offering a reliable and efficient mechanism for securing and processing international transactions. Livi Bank’s trade finance solutions are designed to provide businesses with the liquidity and financial stability needed to engage in international trade confidently.
Foreign Exchange: Livi Bank’s foreign exchange services facilitate international business transactions by offering competitive exchange rates and comprehensive currency management solutions. Businesses can access a wide range of foreign currency services, including spot and forward contracts, to hedge against currency risk and ensure stable cash flow. The bank’s expertise in foreign exchange enables companies to conduct transactions in multiple currencies efficiently, supporting their global trade and investment activities. This allows businesses to manage currency exposure and optimize their international financial operations. With these services, Livi Bank helps businesses mitigate the risks associated with fluctuating currency exchange rates, providing a more predictable financial environment (Foreign Exchange).
Cash Management
Payment Solutions: Livi Bank’s payment and collection solutions streamline business operations by offering a comprehensive suite of services, including payroll services, electronic funds transfers, and merchant services. Payroll services facilitate efficient salary disbursement to employees, while electronic funds transfers enable secure and swift transactions between accounts. Merchant services support businesses in processing customer payments through various channels, including credit card transactions and online payments. These solutions are designed to enhance operational efficiency, reduce transaction times, and ensure smooth financial operations for businesses. By integrating these services, Livi Bank helps businesses manage their financial transactions more effectively, improving cash flow and reducing administrative burdens.
Receivables Management: Livi Bank provides solutions to manage and optimize the collection process, improving cash flow and reducing outstanding receivables. These services include invoice management, automated reminders, and collection services, which help businesses track and collect payments more efficiently. By streamlining the receivables process, businesses can minimize delays in payment, enhance liquidity, and maintain healthier cash flow. The bank’s receivables management solutions are designed to support businesses in achieving better financial stability and operational efficiency. These tools and services enable businesses to manage their accounts receivable effectively, ensuring timely payments and reducing the risk of bad debts.
Digital Services
Business e-Banking: Livi Bank’s e-banking platform is designed for businesses, providing comprehensive tools for account management, fund transfers, and online payments. The platform allows businesses to manage their finances efficiently by offering features such as real-time account monitoring, secure fund transfers between accounts, and the ability to pay bills and handle payroll services online. This robust e-banking solution ensures that businesses can streamline their financial operations, reduce transaction times, and maintain accurate financial records, all while ensuring maximum security through advanced encryption and authentication methods. By leveraging this digital platform, businesses can achieve greater efficiency and control over their financial transactions.
Mobile Business Banking: Livi Bank’s mobile business banking solutions enable business owners to manage finances on the go, ensuring seamless operations. The mobile app provides a wide range of features, including real-time account monitoring, transaction alerts, and the ability to make mobile payments. Users can easily check account balances, review transaction histories, and transfer funds between accounts or to third parties. The app also supports secure login options, such as biometric authentication, enhancing both security and convenience. By offering these comprehensive mobile banking tools, Livi Bank ensures that business owners can stay connected to their financial operations anytime, anywhere, improving efficiency and financial control. This mobile-first approach aligns with the needs of modern businesses, providing flexibility and accessibility (APP Here).
Customer Support and Additional Services
Branch Network: As a virtual bank, Livi Bank operates without physical branches, providing all its services digitally through its app and online platform. This approach ensures that customers can access banking services from the convenience of their homes or offices without the need to visit a physical branch. The bank leverages advanced technology to offer a full range of banking services through its digital channels, enhancing accessibility and convenience for all customers. While there are no physical branches, Livi Bank ensures that all banking needs can be met efficiently through its robust digital infrastructure.
Customer Service: Livi Bank provides robust customer service through dedicated hotlines and online support to assist with banking queries and issues. Customers can reach out via phone, email, or live chat on the Livi app for assistance with various banking needs. The bank offers a range of hotlines for different services, including a general customer service hotline, credit card customer service, and specialized support for business customers. These services are available in multiple languages, ensuring that customers can receive assistance in their preferred language. The general banking hotline is available during extended hours, ensuring that customers can receive timely assistance for their banking needs. The bank’s commitment to customer service is evident in its responsive and comprehensive support options. (Contact Page)
Financial Education: Livi Bank offers resources and tools to educate consumers and business owners about financial management and planning. These resources are designed to help clients make informed financial decisions and manage their finances effectively. The bank provides educational materials and guidance on topics such as investment strategies, wealth management, and risk assessment. Additionally, the bank’s financial advisors are available to offer personalized advice and support, helping customers to understand complex financial products and develop sound financial plans. This emphasis on financial education underscores Livi Bank’s commitment to empowering its customers with the knowledge and tools needed to achieve financial success. The specific details of these educational programs are detailed on the bank’s website.
Conclusion
Livi Bank stands out as a comprehensive digital banking partner for both consumers and small business owners. With a wide range of products and services, robust digital platforms, and a commitment to customer-centric solutions, Livi Bank ensures that its clients can effectively manage their finances and achieve their financial goals. Whether looking to save, invest, insure, or expand a business, Livi Bank provides the necessary tools and support to navigate the financial landscape with confidence. The bank’s innovative approach to digital banking, combined with its strong customer service and educational resources, makes it a valuable partner in financial management.