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Mox Achieves Strong Growth in 2022, Aims to Break Even in 2024

Mox Achieves Strong Growth in 2022, Aims to Break Even in 2024

Hong Kong, 28 April 2023 – Mox Bank Limited (“Mox”) is delighted to announce its full-year financial results ending 31 December 2022. Its vision to become the global benchmark for digital banking from Hong Kong, as well as it is already being the most recommended virtual bank in Hong Kong¹ and the top rated virtual banking app for Hong Kong in both Apple App Store and Google Play², pave the way for the solid financial performances in 2022.

Commenting on the bank’s 2022 success, Barbaros Uygun, CEO of Mox, said, "We are thrilled with the growth Mox has achieved in the past year. Our focus on customer-centricity, innovation, and our commitment to simplifying the banking experience for our customers with unique offerings has been the driving force of these milestones."

2022: A year of significant growth

Mox significantly increased its total operating income to HKD170 million in 2022 from a negative of HKD7.7 million in 2021. The solid business performance underscored the strong business growth momentum and Mox’s success in expanding its card and digital lending services.

2022 highlighted Mox’s success in customer acquisition and customer engagement. Total customer deposits increased by 56% year-on-year (YOY) to HKD8.4 billion. Total customer loans and advances increased by six times YOY to reach HKD5.0 billion.

During 2022, Mox doubled its customer base to over 400,000. More than 1 in 5 Hong Kongers aged between 20 to 30 now bank with Mox. The customer growth and the high customer engagement shows that the bank's focus on providing customer-focused banking solutions is earning customers' confidence across the services portfolio.

Mox's card business had a robust year. In 2022, the bank recorded over 20 million Mox Card transactions, over a 100% YOY increase compared to 2021. On average, each Mox customer made 50 transactions on Mox Card during the year. The three most popular spending categories by spending amount were “food and beverages”, “airlines and passenger transport”, and “groceries and supermarkets”, with 45% of the total Mox Card spending being eCommerce related. The rise in Mox Card spending showed the bank's success in the competitive card segment.

2023: Growing from strength to strength

In 2023, Mox plans to continue its growth momentum by launching more innovative products and services and raising the bar on overall customer satisfaction. Mox remains focused on ensuring a sustainable and prosperous future for the bank and its customers.

"As we look forward to 2023 and beyond, we remain dedicated to reaching break-even in 2024, an ambitious goal for a young bank like us. But all indicators demonstrate that we are on the right track, earning the trust and love of our customers. We will continue to double down on our strengths, especially customer-centricity and innovation, as we become the city's most preferred main banking experience," Barbaros concluded.

For the full year of Mox’s 2022 Directors’ Report and Financial Statements, please visit here.

¹Based on the net recommendation score from YouGov’s Hong Kong BrandIndex banking and payment sector survey of 5,600 aged 18+ respondents between 1 January and 30 June 2022.

²As of 27 April 2023

28 Apr 2023
4 min read