livi bank, a virtual bank based in Hong Kong, has rolled out a new pilot as part of its move to enter the wealth management industry.
The wealth management pilot allows livi to allocate funds managed by third-party fund managers to its clients as a registered institution.
The launch comes after the bank received greenlight for registration to conduct Type 1 Regulated Activity (Dealing in Securities) under Hong Kong’s Securities and Futures Ordinance.
livi will soon commence this registration service through a pilot, with plan to introduce it fully by the first half of 2023.
The firm noted that it would use its technological knowhow to provide its clients with an improved and safe digital platform for availing wealth management tools.
livi bank CEO David Sun said: “We are excited to further expand our financial footprint with innovative offerings with many industry firsts already introduced, including livi PayLater, our NFT collections, and our market-first fully-automated business account opening.
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Sun added: “Our wealth management solutions will address the underserved needs in the market with simple and transparent digital solutions for customers to grow their wealth.
“Wealth management will be an important business driver for livi and we will continue expanding our digital wealth capabilities to empower our customers to achieve their financial goals.”
Founded in 2020, livi bank is promoted by BOC Hong Kong, JD Technology and Jardine Matheson Group.
The lifestyle-driven bank primarily facilitates digital innovation and support financial inclusion, among others.