Mox Obtains Licence To Become the First Hong Kong Virtual Bank to Launch Hong Kong and U.S. Equity Trading Services
Mox to start sandbox testing of ‘Mox Invest’ equity trading service before making it available to the public
Hong Kong, 19 June 2023 – Mox Bank Limited (“Mox”) announced that it has obtained a Type 1 (dealing in securities) licence from the Hong Kong Securities and Futures Commission (“SFC”). The new licence sets the stage for Mox to become the first Hong Kong virtual bank to roll out Hong Kong and U.S. equity trading services. It also signals the expansion of Mox’s deposit and loan business into wealth management and investment.
Mox will soon pilot the Mox Invest equity trading service, in the Hong Kong Monetary Authority’s Fintech Supervisory Sandbox and onboard customers in phases later this year. The service will have a refreshing and intuitive user interface, enabling direct investments in Hong Kong and U.S. securities.
Barbaros Uygun, CEO of Mox, said: "With Mox Invest equity trading capabilities, we'll be empowering our customers to make investments right from their app. It also marks a key milestone for Mox in providing a differentiated banking experience to our customers and helping them grow their wealth sustainably.”
Jayant Bhatia, Chief Product Officer of Mox, said: “With Mox Invest, customers will be able to open an investment account in minutes. Our customers can use the various features across Hong Kong and U.S. securities trading, including U.S. fractional securities trading, to diversify their investments and capture new market opportunities. They can also use their Mox Invest cash accounts to earn an attractive interest rate on their idle funds while waiting for the right opportunities. It creates a win-win situation where customers earn from their investments and deposit savings."
The Mox Invest intuitive onscreen dashboard will give customers immediate clarity over their securities portfolio performance. The app also supports quick investment decisions by enabling customers to complete a trade quickly and easily.
Beyond Hong Kong and U.S. securities investment, Mox Invest will also allow customers to invest in U.S. fractional securities. This will enable customers to start their investment portfolio small and quickly by buying a fraction of any eligible U.S. security.
Equity trading will be the first service on Mox Invest. Mox will continue to add new services, aiming to help its customers grow their wealth in an easy and smarter way.
Mox Invest will be available on the Mox app, and eligible customers will be able to activate it conveniently with just a few clicks.