Innovation and Customer Engagement Fuel Mox’s Robust Growth in 2024
In 2024, Mox’s strategic focus on quality customer onboarding, especially those with higher monthly incomes, was a major contributor to the strong performance. Besides long-term sustainability, these customers demonstrated higher engagement with Mox's products and services, driving increased product penetration and overall business growth.
Barbaros Uygun, CEO of Mox, said, “2024 marked a defining year for Mox as we solidified our position as a pioneer in digital banking. By leveraging cutting-edge technologies and fostering deeper relationship with our customers, we’ve not only enhanced our offerings but also redefined what banking means for Hong Kong consumers. Our engagement with higher-income customer segments has unlocked new opportunities for growth, creating a strong foundation to continue transforming the financial landscape.”
2024 Financial Results Highlights
Mox delivered a strong performance across key financial indicators in 2024:
• Net interest income grew by over 20% year-on-year to over HKD530 million.
• Operating income grew by 15% year-on-year to HKD545 million, supported by increased product penetration and customer engagement.
• Deposits experienced substantial growth to HKD17 billion, rising by 56% year-on-year.
• Operating costs maintained at a reasonable level, reflecting improved operational efficiency.
• Credit impairment loss slashed by 33% year-on-year.
High Customer Growth and Engagement
The bank continued to attract new customers while deepening relationships with existing ones and enabling new customers:
• Mox's customer base expanded 24% year-on-year to 650,000 by the end of 2024, capturing over 10% of Hong Kong’s bankable population.
• Mox has an engaged customer base with average use of 3.1 products and average login of 15 times per active customer every month.
• Mox Card overseas transaction volume increased 60% year-on-year.
• With more than 10% penetration into the active customer base, Mox Invest, launched in late 2023, continued to expand its value proposition by enabling all investors to enjoy mid-market foreign exchange rates, U.S. fractional share trading and Crypto ETF investing. These new capabilities saw Mox Invest facilitate strong trading volume in Hong Kong and U.S. stocks.
• Mox was the first digital bank in Hong Kong to offer Asia Miles as part of Customer Value Proposition and distributed a total of over half a billion Asia Miles.
Strong Interest From Higher-earning Customers Accelerated Growth
One of the key drivers of Mox's improved financial performance has been its success in attracting customers whose income is nearly double of the local median monthly earning . To cater to the spending habit of this segment, Mox launched the “Asia Miles rewards campaign” that allowed our customers to earn 1 Asia Miles for every HKD4 spent with Mox Credit Card with zero cap on Asia Miles rewards, and enjoy 0% FX fees on any spending transactions made overseas or online.
The successful “Asia Miles rewards campaign” significantly accelerated the acquisition of these quality customers, who represented almost 30% of Mox's customer base and are becoming a new growth driver. This targeted approach resulted in increased engagement with Mox’s products and services, boosting product penetration and overall business growth. Their impact include:
• Significant Spending Power: Their spending was 3x on average.
• Major Deposit Holders: Maintained 3x deposits on average.
2025 Outlook
Building on its breakthrough achievements in innovation and customer engagement throughout in 2024, Mox remains committed to accelerating its path to setting new benchmarks in digital banking while continuing to innovate and expand its product offerings.
In 2025, Mox will further enhance its wealth management capabilities, optimising its lending products, and introducing new features to improve the digital banking experience.