Introduction
Mox Bank, a virtual bank launched in Hong Kong in September 2020, is backed by Standard Chartered in partnership with HKT, PCCW, and Trip.com. Mox offers a comprehensive range of banking services designed to cater to the needs of both consumers and small business owners. Known for its innovative approach, Mox combines financial services with lifestyle benefits, creating a seamless and enhanced banking experience.
Personal Banking Services
Accounts and Deposits
Savings Accounts: Mox provides savings accounts with competitive interest rates and flexible terms, making them an attractive option for savers. Customers can benefit from a 1.5% per annum savings base rate, which stands as one of the highest in Hong Kong. This rate is particularly advantageous as it is credited daily, allowing users to see consistent growth in their savings. The flexibility and high interest rates offered by Mox ensure that customers can effectively maximize their savings potential (Mox by Standard Chartered).
Time Deposits: Mox stands out in the banking sector by offering a unique feature of instant interest crediting at the moment of deposit, a first in Hong Kong. This innovative approach allows customers to start earning interest immediately, providing greater flexibility and convenience. With Mox, customers can place time deposits starting from as low as HKD1, catering to both small and large savers. The interest rates are highly competitive, reaching up to 3.5% per annum for a 6-month term. This combination of instant interest and flexible deposit terms makes Mox’s time deposit accounts a compelling choice for savers looking to maximize their returns efficiently. Deposit Offers
Loans and Credit
Personal Loans: Mox offers personal loans with flexible repayment options, providing a convenient solution for managing larger expenses or unexpected emergencies. These loans come with a simple and quick application process, making it easier for customers to access funds when they need them most. With competitive interest rates and various repayment plans, Mox personal loans are designed to fit different financial situations and help users meet their immediate financial needs without the burden of inflexible terms. Mox Borrowing Page
Credit Cards: The Mox Credit card offers a multitude of benefits designed to enhance the user experience. Customers can enjoy real-time application decisions, allowing them to start using their card immediately upon approval. With no annual fees, the card is a cost-effective choice for everyday use. One of the standout features is the flexible payment options, which provide greater control over personal finances. Additionally, cardholders can earn up to 2% unlimited cashback on eligible transactions, making it a rewarding option for frequent shoppers and those who prefer cash rewards. These benefits make the Mox Credit card a convenient and attractive option for modern banking needs. Mox Credit Card Page
Investment and Wealth Management
Investment Products: Mox Invest offers customers the ability to trade both Hong Kong and U.S. stocks, including fractional shares, with exceptionally low fees. Designed with user convenience in mind, the platform provides a seamless trading experience with instant quotes and real-time profit and loss updates, aiding in efficient portfolio management. Mox Invest stands out by allowing customers to begin investing with as little as HKD1, making it accessible for both novice and experienced investors. This innovative approach ensures that users can diversify their investments easily and manage their financial growth effectively. Mox Investing Page
Wealth Management: Through its partnership with Allianz Global Investors, Mox offers exclusive fund options that enable customers to build diversified portfolios with professional risk management. This collaboration allows Mox to provide access to high-quality investment products tailored to meet various financial goals and risk appetites. Customers can invest in a fund that seeks long-term income and enhanced return by investing in global interest-bearing securities and a portion in global equities. Allianz Global Investors, renowned for its expertise in risk management, ensures that investments are professionally managed to mitigate risks effectively. This partnership empowers Mox customers to achieve their financial objectives with confidence and peace of mind.
Insurance
General Insurance: Mox will soon be offering a range of general insurance options through its trusted partners, ensuring comprehensive protection against various risks. Customers can choose from health, travel, home, and motor insurance plans, tailored to meet diverse coverage needs. These insurance products provide peace of mind by safeguarding against unforeseen events and financial uncertainties. The partnership with established insurance providers guarantees that Mox customers receive high-quality, reliable coverage. Whether it’s protecting your health, securing your home, covering travel contingencies, or insuring your vehicle, Mox’s insurance solutions are designed to offer robust and comprehensive protection.
Digital Banking
Online Banking: Mox’s robust digital platform provides a seamless and efficient online banking experience for its customers. Through the Mox app, users can manage their accounts, transfer funds, pay bills, and access various banking services anytime, anywhere. The platform is designed for ease of use, offering features such as real-time transaction notifications, instant loan applications, and the ability to switch between Mox Credit and debit accounts with a single tap. Additionally, the app supports integration with Apple Pay and Google Pay, allowing customers to make secure payments instantly. This comprehensive digital banking solution ensures that Mox customers have complete control over their finances with unparalleled convenience and flexibility.
Mobile Banking: The Mox app provides a seamless mobile banking experience, featuring real-time transaction notifications, easy bill payments, and integration with Apple Pay and Google Pay for instant spending. Users can manage their accounts, transfer funds, and access various banking services conveniently through the app. Additionally, the app offers instant loan applications, making it easier for customers to secure funds when needed. These features ensure that Mox customers have complete control over their finances with enhanced flexibility and security.
Small Business Banking Services
Business Accounts
Business Current Account: Mox Bank does not currently offer specific business accounts tailored for business transactions. Mox primarily focuses on providing personal banking services, including savings accounts, credit cards, loans, and investment products for individual customers. But Mox does provide foreign exchange at mid-market prices.
Loans and Financing
Business Loans: Mox Bank does not specifically offer business loans or business accounts. Mox Bank primarily focuses on personal banking services, including savings accounts, credit cards, personal loans, and investment products for individual customers.
Foreign Exchange: Mox offers competitive foreign exchange services at mid market price.
Customer Support and Additional Services
Customer Service: Mox offers 24/7 customer support through in-app voice calls and chat options, ensuring assistance is always available. This around-the-clock service allows customers to get help whenever they need it, directly through the Mox app. Whether you have questions about transactions, need help with account management, or require technical support, Mox’s dedicated customer service team is ready to provide prompt and efficient assistance. This commitment to accessibility and responsiveness underscores Mox’s dedication to delivering a superior banking experience.
Financial Education:Mox Bank is committed to helping its customers grow their financial knowledge and capabilities. The bank provides a variety of resources and tools aimed at educating both consumers and business owners on effective financial management and planning. Mox’s approach includes practical tips and insights on saving, spending, and budgeting, designed to help users make informed financial decisions and achieve their financial goals.
For instance, Mox offers features such as the Goals sub-accounts, which allow customers to set personalized saving targets, track their progress in real-time, and receive insights to automate and enhance their savings habits. These tools are designed to simplify financial management and make it easier for users to build and maintain good financial habits.
Additionally, Mox embraces fintech innovations through its Open Banking strategy, integrating financial services with third-party providers to offer a more flexible and comprehensive banking experience. This approach not only enhances the functionality available to Mox customers but also contributes to a broader understanding of financial technology and its benefits.
Overall, Mox Bank’s dedication to financial education is evident in its efforts to equip customers with the knowledge and tools needed to navigate their financial journeys confidently and successfully. For more information, you can visit the Mox Bank website.
Conclusion
Mox Bank is a forward-thinking financial institution that combines the reliability of traditional banking with the innovation of digital services. By offering a wide array of products and services, robust digital platforms, and a commitment to customer satisfaction, Mox Bank ensures that its clients can effectively manage their finances and achieve their financial goals. Whether you are looking to save, invest, insure, or expand your business, Mox Bank provides the solutions you need for a secure and prosperous financial future.