Mox Bank by Standard Chartered officially launches in Hong Kong

By Edil Corneille

Mox Bank has officially launched in Hong Kong where the company has first invited pre-registrants who had signed up on its waitlist for services. These pre-registrants will be invited in phases to open their Mox accounts.

The virtual bank will start with its first 3,000 pre-registrants, who will receive the limited-edition metal Mox Card upon the successful opening of an account. Later, other pre-registrants will be gradually eligible for a metal Mox Card. Over 20,000 have pre-registered.

The virtual bank backed by Standard Chartered, in partnership with HKT, PCCW and Trip.com, will be available to everyone in Hong Kong after some time. Mox had invited selected external customers in April, following its brand launch in March. The aim then, of the external pilot was to gather feedback from customers and prepare Mox for a launch to the broader public later this year.

Neobanks are popular in Hong Kong with a high acceptance rate from consumers. These smartbanks take a customer-first approach in banking and generally rollout services initially on a pilot basis. This is done so that they can understand what are the most important banking requirements of the consumer. This ensures efficient delivery of services for the consumer of the banking services.

The bank has mentioned that there are no strings attached, no deposit or spending requirements by an individual. The cards are produced overseas and deliveries have been affected by disruption to the global logistics chain, as mentioned by the bank.