Livi Bank announced the launch of its virtual banking services, making it the fourth virtual bank open to public in Hong Kong. Livi was among the eight entities that were awarded the virtual banking license by the Hong Kong Monetary Authority.

Backed by Bank of China (Hong Kong), a Chinese e-commerce company JD.com and Jardine Matheson, Livi throws its hat into the ring with WeLab Bank, ZA Bank and Airstar Bank in Hong Kong’s virtual banking race.

Livi’s mobile app integrated the UnionPay QR Payment and Faster Payment System (FPS) features for making and receiving real-time transfers, as well as Electronic Direct Debit Authorisation (eDDA) so customers can pull funds from their existing bank accounts.

Livi launched with an array of promotions which includes a HK$100 cash reward upon registration and another HK$100 for the first ten successful referrals.

As an added benefit during the promotional period, customers can instantly get cash rewards to put towards their next purchase up to three times a day by simply shaking their phones after using the UnionPay QR Payment feature for their purchases.

“Our debut offering is just the start and there is more to come. We are building our ecosystem amongst popular brands in Hong Kong to bring more amazing offers to our customers. We look forward to giving people in Hong Kong an everyday boost to their lives, with a lifestyle-driven banking experience they will enjoy.”

said David Sun, Chief Executive of livi.