Mox Bank to launch in Hong Kong

Unveiling the Mox Bank brand and aim to "help everyone in Hong Kong grow", Standard Chartered, which is itself the jurisdiction's oldest note-issuing bank, billed the new venture as a financial knowledge and lifestyle planning solution

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Mox Bank to launch in Hong Kong

Mox Bank, the new digital bank for the Hong Kong market from Standard Chartered in partnership with PCCW, HKT and Trip.com, will launch later this year.

Unveiling the Mox Bank brand and aim to “help everyone in Hong Kong grow”, Standard Chartered, which is itself the jurisdiction’s oldest note-issuing bank, billed the new venture as a financial knowledge and lifestyle planning solution.

The Mox Card—together with Mastercard—will be Asia’s first all-in-one numberless bank card. The physical card for both spending and ATM cash withdrawals will have no printed numbers, expiry dates or card verification value, reducing the risk of losing personal information.

Mox Bank is currently in beta testing ahead of public launch later this year. Chief executive officer Deniz Güven 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 personalised banking experience.”

Standard Chartered secured a virtual banking licence for Mox Bank from the Hong Kong Monetary Authority (HKMA) early last year.

The joint venture behind the digital bank is owned by Standard Chartered, PCCW, HKT and Ctrip Finance and was launched with a view to integrating digital banking into the service offerings to their established customer bases.

It will offer a suite of retail financial services and products, as well as unique telecom, entertainment and travel propositions from partners all in one place.

Several entities have secured virtual banking licences in Hong Kong, including Airstar bank, being developed by AMTD Group and smartphone giant Xiaomi.