Bank BasicsMox
Bank is a virtual commercial bank, non-state-owned or joint venture, established in March 2019, licensed by the Hong Kong Monetary Authority (HKMA), headquartered at 39th Floor, Oxford House, Taikoo Place, Hong Kong. Controlled by Standard Chartered Bank (Hong Kong) Limited, the bank has partnered with Hong Kong Telecom (HKT), PCCW and Ctrip Financial Management to create an innovative financial ecosystem that combines the strengths of international banking, telecommunications and online tourism. Mox is strictly regulated by the Hong Kong Monetary Authority, complies with the Banking Ordinance and international financial standards, and its deposits are protected by the Hong Kong Deposit Protection Scheme (DPS) with a maximum protection amount of HK$800,000 per depositor.
Deposit & Loan Products
depositsMox
Bank offers flexible deposit products with a focus on high yield and convenience, all managed through the mobile app:
demand deposits: Includes Mox accounts and Goal sub-accounts (up to 5), supports HKD, USD, AND CNY, with no minimum deposit required. Starting from 11 February 2025, the base annualized interest rate for HKD and USD deposits will be 1.5%, and customers who invest or trade foreign exchange of HK$10,000 or more can enjoy up to 3% annualized interest rate (capped at HK$3,000,000).
Time Deposit: The minimum deposit amount is only HK$1, the tenor is from 7 days to 48 months, and the interest rate can be up to 10% p.a. during the 2025 promotion period, customers can get instant cash or Asia Miles rewards (e.g. HK$160,000 for a 48-month time deposit of 176,000 Asia Miles).
Featured Products:
FlexiBoost Savings Account: Fixed interest rate up to 6% p.a., unaffected by market fluctuations, suitable for customers looking for a stable income.
Goal Account: Allows customers to set up personalized savings plans for specific goals (e.g., travel, home purchase), track progress in real-time, and support automated savings. Customers can check interest rates and set savings goals at any time through the Mox app, and all deposits are subject to daily interest accrual, with no hidden fees.
LoansMox Bank focuses on personal credit loans, and does not provide housing or car loans for the time being, emphasizing instant approval and flexible repayment:
Instant Loan: The maximum amount is HK$3 million or 12 times of the monthly salary (whichever is lower), the annualized interest rate (APR) is as low as 5.34%, the repayment period is 3 to 60 months, the approval is as fast as 30 seconds, and no additional documents are required.
Instant Clear: For settling other bank credit card bills with an amount of up to HK$3 million, APR as low as 5.34%, installment for 60 months, saving up to 94% in interest charges.
Split Purchase: Support to installment of large purchases for a period of 3 to 36 months, and you need to pay the installment fee, and you need to consult the bank for the specific APR.
Application Threshold: Must be a Mox account holder, have a monthly salary of HK$20,000 or more, have a good credit history, and complete the application through the mobile app.
Flexible repayment options: With no penalty for early repayment, a 56-day interest-free period and a flexible instalment plan, customers can adjust their repayment arrangements according to their financial situation. All loans are subject to bank approval and repayment through Mox Credit account management, subject to the terms of the loan agreement.
Personal Line of Credit:
Digital Service
ExperienceMox Bank's mobile banking app, "Mox Bank by Standard Chartered", is at the heart of its service, with ratings of 4.6 for iOS and 4.5 for Android, praising its sleek design and convenient features. Core features include:
Face recognition: supports biometric authentication (such as Face ID and Touch ID), combined with strong encryption technology to ensure transaction security.
Real-time transfers: Support instant transfers between HKD and RMB through the Faster Payment System (FPS), with a daily limit of up to 300,000 HKD, and cooperate with Wise to provide global transfers in 10 currencies (including AUD, SGD, USD, etc.).
Bill management: Support online bill payment, automatic deduction and e-statement, and classify transaction records in real time.
Investment Tool Integration: Mox Invest supports Hong Kong and U.S. stock trading (including fractional shares), fund investments, and crypto ETFs with a minimum investment of only HK$1. The app supports accessibility features, is compatible with the needs of visually impaired and hearing-impaired customers, and only takes a Hong Kong ID card and 5 minutes to open an account. The online banking platform offers similar functionality, allowing customers to manage their accounts through the app or website. Some users have reported low transfer limits, but Mox continues to improve its services.
Technological
InnovationMox Bank is leading the wave of innovation in Hong Kong's virtual banks with technology at its core:
AI customer service: Analyze customers' trading habits and provide customized savings and investment advice through an AI-driven personalized recommendation system. The HARO Virtual Assistant (which is scheduled to be fully launched in 2025) will support 24/7 inquiries and financial planning.
Robo-advisor: Mox Invest provides an AI-based Core Portfolio service that recommends diversified funds based on clients' risk appetite with a minimum investment of $100 and no subscription and redemption fees.
Open Banking API: Follows the Hong Kong Monetary Authority's Open Banking Framework and integrates with third parties such as Wise to provide global payment and account management interoperability.
Other innovations: The first numberless bank card (Mox Card), activated via NFC, to reduce the risk of information leakage. Supports Xero accounting platform connection to optimize cash flow management for corporate customers. In 2023, Mox was the first to launch crypto ETF trading, becoming the benchmark for virtual banks in Hong Kong.
Features & DifferentiationMox
Bank stands out for its innovative and customer-oriented services:
No minimum deposit requirement: No minimum balance is required for demand and term deposits, lowering the barrier to entry for financial services.
Daily Cashback: Mox Credit offers up to 3% unlimited cashback (on grocery purchases) or 2% (with a balance of up to HK$250,000), credited to the account daily and accruing interest.
Global Payments: Partner with Wise to support international transfers in 10 currencies using mid-market exchange rates with fees as low as 0.26%.
Democratizing investment: Hong Kong's first virtual bank to offer U.S. stock retail trading and crypto ETFs with a minimum investment of HK$1 and transaction fees as low as 50% of the market average.
Rewards Program: New customers can earn up to 25,000 Asia Miles using an invitation code (e.g. "MOX4100") and a fixed deposit can be redeemed for a round-trip London Business Class ticket. Mox also offers smart bill payment through HKT AutoPay Switch, where customers can receive a HK$1,200 cash reward.
Market Position & AccoladesMox
Bank is a leader in Hong Kong's virtual banking market, accounting for more than 50% of the virtual bank deposit market share in 2023, with 620,000 customers, accounting for more than 10% of Hong Kong's bankable population, and a penetration rate of 20% among people under the age of 40. Its Mox Card has a monthly transaction volume of 4 million transactions and a total of 300 million Asia Miles rewards. In 2023, Mox was named "Best Digital Bank in Hong Kong" by The Asian Banker and "World's Best Bank" by Forbes, and YouGov research showed that it ranked first among virtual banks in Hong Kong in terms of advertising awareness and purchase intent. In 2024, Mox received the highest rating in the 11:FS Pulse report for its innovative lending products, reinforcing its position as a global benchmark for digital banks.
Summary
: Mox Bank Limited has become a shining star in the virtual banking space in Hong Kong with its all-digital platform and innovative financial services. It offers high-yield demand deposits, time deposits and flexible personal lines of credit to meet the diverse needs of customers. The Mox Bank by Standard Chartered app is widely praised for its intuitive design and powerful features, including real-time money transfers, forex trading, and investment management. In terms of technological innovation, Mox is a leader in AI recommendations, open banking APIs, and global payment integration. Its no-minimum deposit requirement, daily cashback, and first-of-its-kind investment products such as U.S. stock fractional trading redefine the digital banking experience. With industry accolades and a market share of over 50% in 2023, Mox Bank has demonstrated unparalleled innovation and influence in the fintech space in Hong Kong and globally.
