Hong Kong’s Livi Bank launches Livi Business for SMEs
Hong Kong-based virtual bank Livi has launched Livi Business, a digital banking offering for Hong Kong’s underserved small and medium-sized enterprises (SMEs).
Livi Bank launches Livi Business for SMEs
Livi Business offers SMEs and entrepreneurs access to “fast, simple and personalised” financial services powered by application programming interfaces (APIs), machine learning, and data and analytics.
Businesses can apply for and open accounts in an average of just 2.6 days, Livi says, with access to 24/7 mobile banking via its app and no minimum balance requirements.
The first service under Livi’s new business offering is a digital unsecured loan service called Livi Business Instalment Loan, claiming to be the first digital bank in Hong Kong to do so.
With its new offering, Livi says it can approve loans within 24 hours, with no documents needed. Customers can receive unsecured loans of up to HK$8 million with instalments between six to 60 months.
Since its initial introduction, approximately 600 SMEs have opened accounts with Livi Business, with total processed loan amounts of HK$35 million.
“As we progress in 2023, we have a robust pipeline of product offerings that will provide a suite of financial services,” says David Sun, CEO of Livi.
“These are designed to address the pressing business needs of SMEs as they look to build their businesses and take advantage of Hong Kong reopening to the world – including FX, USD deposits, and global remittance.”
