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Standard Chartered's Planned Hong Kong Virtual Bank Announced as Mox

Mox Bank Limited, or Mox, will be the name of the new virtual bank in Hong Kong to be launched by Standard Chartered in partnership with PCCW, HKT, and Trip.com. Launching later this year, the mission of Mox is to help everyone in Hong Kong grow – “your money, your world, your possibilities.”

In today’s announcement declaring the new bank’s identity, Deniz Güven, CEO of Mox, said “Mox operates in a whole new way by listening to customers and focusing on heart share. We aim to empower Hong Kong customers to grow and unlock more possibilities by providing a truly digital and personalized banking experience.”

According to the release, the Mox logo was inspired by the round shape of a Hong Kong dollar coin, a nod to the founding collaborators’ roots. Standard Chartered, who was responsible for the first Hong Kong banknote issued, will now serve the community in the newest form of banking.

The Emergence of Virtual Banking

Hong Kong’s currency board and de facto central bank, Hong Kong Monetary Authority (HKMA), introduced the virtual banking license in 2017 for a “new era of smart banking.”

Since then, there have been eight licenses granted, one of which includes SC Digital Solutions Limited, the Virtual Bank by Standard Chartered (official name now revealed as Mox), a joint venture between Standard Chartered Bank, PCCW, HKT, and Ctrip. HKT and parent PCCW are one of the dominant telecommunication companies in the region. Ctrip is a Chinese online travel agency that is under the same parent company as Trip.com.

The development of Mox Bank Limited by Standard Chartered started around 2 years ago, with preliminary research in ethnographic research to understand the market. Ethnographic research helped with understanding the needs of the market and the consumers’ behavior. Güven said, “If we can understand the real behavior behind it, we can build new services.”

Güven told Blockchain.News that the Virtual Bank by Standard Chartered had reached out to over 2000 people in Hong Kong from different classes and demographics to understand the needs of the market in the planning stages of Mox. “We identified different pain points in Hong Kong. There are a lot of good banks in Hong Kong, and Hong Kong’s banking systems are one of the best in the world. From a product perspective, there is a huge maturity.”

In terms of whether blockchain will be implemented in the virtual bank, Güven said: “We have some plans, but not for day one. I see blockchain as a digital currency, but it can be more than just a currency. It’s behavior.”

Image via Shutterstock

Standard Chartered's Virtual Bank, Mox Will Usher in New Era of Banking for Hong Kong

Mox Bank Limited, or Mox, the new virtual bank in Hong Kong recently launched by Standard Chartered, has now been made available to select customers via invitation in an external pilot. The aim of the pilot is to prepare the state-of-art virtual bank for the public launch scheduled for later this year.

According to the official release, Deniz Güven, CEO of Mox, said: “This external pilot is a critical step for selected external customers to use Mox, share their feedback with us and help us to refine our services. We are excited about this co-creation of Mox with customers, as we seek to make banking easier, simpler and more delightful.”

Standard Chartered’s landmark virtual bank project was finally named Mox earlier last month. The bank was announced with the the stated mission helping everyone in Hong Kong grow – “your money, your world, your possibilities.”

Güven spoke to that effect in the release when he said, “Mox is in the business of trust, and our goal is to win your heart share. We are delighted to begin this journey with our first generation of Mox customers.”

Mox Will Be a GameChanger

Hong Kong’s currency board and de facto central bank, the Hong Kong Monetary Authority (HKMA), introduced the virtual banking license in 2017 for a “new era of smart banking.” Since then, there have been eight licenses granted, one of which included Standard Chartered Digital Solutions Limited – the working title for MOX at the time. , the Virtual Bank by Standard Chartered (official name to be revealed), a joint venture between Standard Chartered Bank, PCCW, HKT, and Ctrip. HKT and parent PCCW are one of the dominant telecommunication companies in the region.

Virtual banking services in Hong Kong are set be a gamechanger and a disruptor for the financial services industry. Virtual banks have been popular in Europe, and the United Kingdom has coined an alternative term for virtual banks, known as the ‘challenger banks’.

The pilot will allow the invited customers of Mox Limited to experience the intial, yet impressive, suite of services which include quick approvals for loans and efficient account openings within a few seconds and with no minimum balance as well as cutting edge security and privacy maintanence.

According to Mox, everything is based on extensive research to identify what truly matters to customers and to solve real world pain points and the impressive list of feature does seem that they have thought it through for their “Generation Mox” customers.

Be the First to Mox

Hong Kong, 4 May 2020 – Mox Bank Limited (Mox) is inviting all those who are excited by the possibilities of new ways of banking to join our waitlist to get early access to our services and to be among the first to Mox when we launch later this year. Sign up now on mox.com.

Metal Mox Card – Founding Members exclusive The first 3,000 registrants who meet our terms and conditions and successfully open a Mox account will be designated as our Founding Members and will receive a limited-edition metal Mox Card, Asia’s first all-in-one numberless bank card in exclusive black stainless steel.* This substantive material formed by the fusion of various elements signifies the powerful relationship we want to build with our Founding Members.

We are working tirelessly towards making Mox available to the public later this year. Follow us on mox.com, Facebook, Instagram and LinkedIn for our latest updates.

*Terms and Conditions apply. For details, please visit mox.com.

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For media enquiries, please contact:

Mox Bank Limited

Priscilla Wat

Email: media@mox.com

Ogilvy Public Relations Worldwide Limited

Daisy Leung / Barton Chui

Email: daisy.leung@ogilvy.com / barton.chui@ogilvy.com

Mox by Standard Chartered

Mox is the new virtual bank by Standard Chartered in partnership with PCCW, HKT and Trip.com. We are the combined power of a leading international bank, the city’s telecom and lifestyle leader and Asia’s largest online travel agency.

We were among the first to obtain a virtual banking licence in Hong Kong in March 2019. Launching in 2020, we aim to help our customers grow by delivering a suite of retail financial services as well as lifestyle benefits all in one place, growing your money, your world and your possibilities.