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Mox Triples Revenue in 2023 Led By Strong Growth in Customers, Deposits and Loans

Mox Triples Revenue in 2023  Led By Strong Growth in Customers, Deposits and Loans

Hong Kong, 30 April 2024 – Mox Bank Limited (“Mox” or “The bank”) today announced tripling of its 2023 revenue, fuelled by significant growth in its customer base, deposits, and loan portfolio. Customer-focused innovations like “Best In Town Unlimited CashBack”, “Upfront Interest in Cash and Instant Asia Miles”, and Mox Invest's U.S. and Hong Kong equities and fund trading services drove this success, positioning Mox as a leader in digital banking and a preferred choice for customers.

Barbaros Uygun, CEO of Mox, said, “2023 marked a significant step forward towards realising Mox’s vision of building a future where finance is democratised—providing everyone with the tools and opportunities to build their financial futures through our innovative products and expanded our offerings.”

2023 Financial Results Highlights

Mox continued to demonstrate leadership across the virtual banking sector during the year

  • Mox’s total operating income almost tripled to HKD476 million in 2023 from HKD170 million in 2022, thanks to solid business growth momentum from its customer base and diverse banking services.
  • The bank expanded its customer base by one-fourth to over 523,000, representing more than 10% of the bankable population in Hong Kong.
  • Around one in five people under the age of 40 in Hong Kong are Mox customers, and 28% of the customer base uses four or more of its products. Each Mox customer logged into the Mox app about 100 times in 2023 on average, highlighting Mox's ability to attract a wider audience with its digital-first approach and convenient banking solutions.
  • Strong uptake of its product and services, along with achieving the best Net Promoter Score (NPS) among all Hong Kong virtual banks¹ and gaining recognition for its top-rated savings, spending, and investment offerings, reinforces Mox's customer-centric approach.
  • In view of the market condition, the bank proactively increased its provision expenses as a prudent measure to guard against market volatility. Excluding provisions, Mox delivered consistent results year-on-year basis.

Mox recorded significant progress during the year on multiple fronts

  • The bank achieved strong growth in customer loans, with a year-over-year increment of 31% to over HKD6 billion.
  • With the launch of Time Deposits, Mox saw a remarkable uptake in customer engagement. Total customer deposits grew by 33% year-over-year to exceed HKD11 billion, solidifying Mox as a leading virtual banking in deposits and lending.

Mox Credit and card spending continued their upward trajectory

  • Mox Credit held its position as the 7th largest credit card portfolio among all retail banks in Hong Kong².
  • Mox Card transactions and average spend per active customer increased by almost 40% year-over-year.
  • 20% of the over 28 million transactions processed on Mox Cards were carried out at overseas merchants across 174 countries. The well-received “Split Purchase" feature on Mox Credit saw a 40% year-over-year jump in uptake.
  • The three most popular spending categories in 2023 were “travel agencies and tour operators”, “fast food and restaurants”, and “convenience stores, markets, speciality stores”.

2024 Outlook

Mox remains committed to continuously rolling out innovative products and services that enhance its customers' financial well-being.

In 2024, it will further expand the digital wealth offering with Mox Invest, providing an innovative, simple and safe investment platform at competitive pricing. Aspiring to become the wealth management bank of choice, Mox will provide customers with an even more intuitive user interface and streamlined user experience across the Mox Invest platform.

Besides core and tactical investment approaches, Mox is exploring advisory services and potential entry into the digital assets sector. These moves will further position Mox as a leader in providing customers diverse options to build and manage their financial portfolios.

Building on its impressive success in 2023, Mox remains committed to sustainable growth. The bank’s strong performance and proactive 2023 decisions put it in a much stronger position against bad debt. Meanwhile, Mox will continue to shape the future of banking with ongoing innovation, technological advancements, and a relentless focus on delivering an exceptional customer experience.

For the full year of Mox’s 2023 Directors’ Report and Financial Statements, please visit here.

¹Based on the aggregate results of two surveys conducted every six months from January to December 2023 by Human8 to compare Net Promoter Scores among all virtual banks in Hong Kong.

²According to TransUnion’s Market Insights and Intelligence Dashboard (MIID) from January to December 2023.

30 Apr 2024
5 min read