Mox Revolutionises Loan Application First in Hong Kong to offer a fully digital “Four-In-One” Service

Hong Kong, 27 February 2023 – Mox Bank Limited (“Mox”) today announced a brand new customer experience with the first-of-its-kind “four-in-one” service. The innovative service rethinks the entire loan application experience from the customer’s point of view, allowing new customers to apply for Instant Loan on Mox Credit within a few minutes of downloading the Mox app. In addition, they can take advantage of a credit line for financial flexibility and earn attractive CashBack when spending on Mox Card. They can also enjoy attractive savings rates when placing deposits with us.

Barbaros Uygun, CEO of Mox, said, "Mox has never stopped innovating to improve inclusion and make our products part of our customers' lives. When we saw our total customer loans and advances rise significantly by 6 times year-on-year as of the end of 2022 and received extremely positive feedback on our lending services, we understood there was an opportunity to improve convenience even further. The ‘four-in-one’ services — which gives new customers financial flexibility with loans approved in minutes — raises the bar on convenience for all Hong Kongers and offers them timely financial support when they need it."

Jayant Bhatia, Chief Product Officer of Mox, said, "Over the last few months, our team spent significant time studying Hong Kongers' financial journeys and expectations. Clearly, they hope the banks can offer innovative loans, credit, and other banking services. Simultaneously, they are demanding far more financial flexibility than before. The new customer journey and the ‘four-in-one’ service introduce a holistic and easy way to apply for Instant Loan on Mox Credit, other lending services with Mox Credit, spending with Mox Card, and savings accounts. It also only takes a few minutes and swipes on the mobile phone."

How the four-in-one service works

New customers who want to apply for a loan can download our App from App Store or Google Play Store and simply onboard with Mox by clicking “Open account with Instant Loan” in the Mox app. This enhancement strengthens our promise to simplify banking. Customers can explore estimated APR (Annual Percentage Rates) and select the amount of Instant Loan they want to borrow before getting onboarded. Mox will quickly assess the application and deposit the loan amount to their new Mox savings account — all within a few minutes.

The “four-in-one” service goes beyond loans. New customers can:

• Use the remaining credit line (less the loan) with their Mox Credit for other lending services including “Split Purchase”, “Instant Clear”, “money transfer via Mox Credit” and “Bill Payments”;
• Take advantage of 1% Unlimited Cashback and up to 5% Cashback with selected merchants to earn when they spend with Mox Credit;
• Earn a 6% p.a. savings rate for their savings account by participating in Welcome Bonus Promotion²and Mox Bonus Promotion³, so their money is always working harder for them.

Mox's new “four-in-one” service looks to change how loan and credit service can be simplified, putting customer needs at the centre of the entire relationship opening experience. For Hong Kong consumers looking to access credit and loans, it extends the same financial flexibility and convenience that existing Mox customers enjoy.

To borrow or not to borrow? Borrow only if you can repay!