Digital & Technology

Mox officially launches in Hong Kong

Mox Bank Limited (Mox) has announced that it has officially launched in Hong Kong.

Mox is the new virtual bank created by Standard Chartered in partnership with PCCW, HKT and Trip.com, which provides its suite of retail banking services entirely digitally over its app, the FinTech said in a press release.

Deniz Güven, CEO, Mox, said: “We are so excited to welcome everyone in Hong Kong to Mox. We designed our bank around the fact that every day and every moment count for people in Hong Kong. We want to help you to make the most of today and plan for tomorrow at the same time. We believe every day is a day for progress, and every day counts when you’re with Mox.”

The firm reports that it’s mission is to help Hong Kongers grow their money, assisting customers in being in control of their day-to-day finances and build the financial freedom to allow them to enjoy more of life.

Mox explains that it wants to ake the headache out of banking with a more streamlined financial management experience to provide users with the insights to be in control. Opening an account is fast, secure and free. Within minutes, users can add money from another bank within the app to enjoy Mox’s daily interest rate. The firm also allows users to track their saving progress and see pending patterns real time. Earn CashBack that is calculated instantly and credited daily to customers’ accounts.

Mox also reports that it has launched Asia’s first all-in-one numberless bank card, further enhancing privacy and security for customers. Mox is also the first virtual bank in Hong Kong to support both Apple Pay and Google Pay, bringing a fast and simple way to pay online, in-apps and in-stores.

The firm has said that it allows users to set up sub-accounts called Goals, name them as they like and track their progress to meeting said goals. Tools such as Mox’s Savings Calculator can help automate users’ savings, and help them to build towards their targets with insights and information.

Mox has also said that it offers 1% p.a. daily interest on up to HKD1 million deposits across all Mox accounts.

The firm has introduced a debit card which users can top up, reporting that it wants to help users to save whilst spending through real daily “cash” back. This, says the firm, is real money that is credited back to the user’s account daily to accrue interest automatically – with no hidden fees, expiry dates or separate reward platform.

Mox offers 1% Unlimited CashBack, with a limited time offering of 5% Super CashBack for the remainder of 2020 at all Founding Merchants, which include the likes of Amazon, Trip.com, Circle K, Google Play, McDonalds, and more, up to a value of HKD1,000.