Celebrating 4th Anniversary and Challenging Major Local Banks With Groundbreaking Innovations and Significant Growth
Serving more than 10% of Hong Kong’s bankable population; Rewarded customers HKD400 million in CashBack and 300 million Asia Miles
Hong Kong, 30 September 2024 – Mox Bank Limited ("Mox") continues solidifying its leadership position in the banking space in its fourth year, driven by groundbreaking tech innovation and a relentless pursuit of customer satisfaction. With 620,000 customers, representing over 10% penetration of the bankable population in Hong Kong and a series of industry-first innovations, Mox is setting the global benchmark for virtual banking from Hong Kong.
Barbaros Uygun, CEO of Mox, said: “Mox's fourth anniversary isn't simply redefining banking; it’s about building the future of finance by putting innovation and customer obsession at the heart of everything we do. From revolutionising customer experience to leading the charge with offerings including crypto ETFs and U.S. fractional shares trading, Mox is proving that the future of banking is here.”
Key achievements over the past four years
Mox demonstrated strong growth and solidified its position as a leader in the banking industry. Key achievements include:
- Strong customer growth: Our customer base is expanding at an unprecedented rate - 40% more for the first nine months of 2024, compared to same period in 2023. We now serve more than 10% of the Hong Kong’s nearly 6.2 million bankable population, with 1 in 4 people under 30, in Hong Kong banking with Mox.
- Unmatched customer satisfaction: Our Net Promoter Score (NPS) has reached an all-time high and is the best among all virtual banks in Hong Kong.
- Global industry recognition: Received over 100 industry awards around the world and is ranked the top 10 global virtual banks across multiple independent publications/ researches.
- Robust financial performance: Deposits grew by an impressive 50% year-over-year to HKD14.5 billion in the first half year of 2024. Mox commands more than 50% of the market share in CASA deposits among all Hong Kong virtual banks in 2023, a clear testament to the trust we have built.
- High product adoption and customer engagement: 30% of Mox customers use four or more products. We achieved a 20% market share in crypto ETFs within just one month of launch. Mox Card is a runaway success, with over 100 million transactions to date. Mox Card transactions also nearly doubled in 2024, reaching four million transactions per month. Mox has awarded a total of 300 million Asia Miles to customers since the feature launch, equivalent to redeeming 24,000 Cathay Pacific economy class one-way tickets from Hong Kong to Japan¹.
Ten breakthrough offerings
Mox is constantly pushing the boundaries of banking, launching a series of groundbreaking products and features.
- The first bank to pay daily interest of up to 2.5% p.a. on savings.
- Customers can receive real cash with Mox CashBack, including the highest-in-town 2% Unlimited Cashback², credited daily.
- Instant remittance to 13 countries around the world.
- The first virtual bank to offer Hong Kong and U.S. equities and a fund trading service, and the first bank to offer U.S. fractional share trading service.
- The first virtual bank to enable customers to trade Cryptocurrency ETFs.
- The first bank to offer instant Asia Miles rewards and interest on Time Deposits.
- Instant application decisions that allow Mox Credit loan approval to be as fast as 30 seconds.
- Enhanced security with the numberless Mox Card.
- The first virtual bank to offer mid-market FX rates³ for full transparency.
- The only bank to offer HKT AutoPay Switch for smart bill payments.
Reimagining the future of banking
As Mox continues to innovate and grow, it remains committed to its core values of customer-centricity, transparency, and technological excellence.
With a strong foundation and a clear vision for the future, Mox is poised to lead the next generation of banking.
Important Disclaimer for Mox Invest
- Investment involves risks. The prices of securities fluctuate, sometimes dramatically, and in the worst case may result in loss of your entire investment amount. Please refer to the Mox Invest Terms and Conditions (including relevant risk disclosures) for more details.
- Past performance is not indicative of future performance. You should refer to the offering documentation of the product(s) for detailed information (including risk factors) prior to investing in the product(s).
- Crypto and Crypto-related products are highly complex products that carry a significant level of risk and may not be suitable for all investors.
- Derivatives products are different from conventional investments and may involve different risks. Derivatives products may not be suitable for all investors.
- You should consider your own investment objectives, investment experience, financial situation, and risk tolerance level before making any investment decision. If you have any queries, you should seek advice from independent advisers.
- The information contained in this document is intended for Hong Kong residents only. The document does not constitute investment advice nor any offer, solicitation, recommendation or guarantee in respect of, or for the purpose of, the sale of any investment products or services.
- This document is issued by Mox Bank Limited. The contents of this document have not been reviewed by the Securities and Futures Commission of Hong Kong.
Mox Bank Limited is an authorised financial Institution registered under the Securities and Future Ordinance (CE number: BNO808)
To borrow or not to borrow? Borrow only if you can repay!
¹ This number represents all the Asia Miles awarded since the launch of Mox Asia Miles Promotion in December 2023. Asia Miles redemption offer is provided by Asia Miles Limited and relevant merchants. Based on Asia Miles Standard award as of 1 September 2024 and refer to Flight Awards Charts for details.
² From 26 September 2023, earn unlimited CashBack calculated at 2% on the amount of the eligible transaction made with Mox Credit, if you have an eligible balance of HKD75,000 or more in your savings accounts with Mox at the time you make the relevant transaction. For the avoidance of doubt, any ‘cash on hold from unsettled cash’ in your Mox Invest Account and balances in your Time Deposit Account(s) will not count towards your eligible balance.
³ This document does not constitute any offer or solicitation to buy or sell any currencies. Please note that currency exchange involve risks. You may incur losses arising as a result of carrying out currency exchanges on the Mox app (including as a result of exchange rate fluctuations). Customers carry out currency conversions on the Mox app entirely on their own account and at their own risk.