Mox’s Rapid Service Release Gains Recognition as One of World’s Fastest-Growing Digital Banks
- Written by The Bulletin
HONG KONG SAR - Media OutReach Newswire - 23 April 2024 - Mox Bank Limited (“Mox”) has been recognised by global management consulting firm Oliver Wyman as one of the fastest-growing digital banks in the world.
This distinction highlights Mox's remarkable growth trajectory and commitment to innovative product offerings. Oliver Wyman's analysis emphasises Mox's speed to market with launching a wider range of products and services compared to other globally renowned digital banks after setting up for the first three years. This robust portfolio and focus on innovation have been pivotal to Mox's impressive performance throughout the APAC region.
Attending Money 20/20 Asia in Bangkok, Thailand and speaking at the panel discussion themed “Fueling the Future: The Rise of Open Finance in Asia” on 25 April 2024, Barbaros Uygun, CEO of Mox, said, "This recognition underscores Mox's success in setting the global benchmark for digital banking innovation and transforming retail banking — all from our base in Hong Kong. Our focus isn't solely on speed; it's about understanding the dynamic needs of the Hong Kong market and delivering solutions with unmatched agility. We're proud of our rapid growth, but even more so of our unwavering commitment to putting our customers' evolving needs first."
Dan Jones, Partner of Oliver Wyman, said, “As a young bank just launched three and a half years ago, Mox’s performance has been extraordinary when comparing to other global digital banks, particularly in its products and service release velocity.”
In just three years, Mox has developed itself as a full digital bank with a broad array of product spectrum spanning across deposits, foreign exchange, payments, personal financial management, cards, lending, investments covering equity and fund trading. It is actively pursuing its aspiration to become the main bank for customers and meet their diverse banking needs. For a bank just three years old, close to 30% of Mox’s customer base has four or more products with the bank and one of the highest transaction volume per card in Hong Kong.
Since its launch in 2020, Mox has gained numerous local, regional, and global recognition as a leader in digital banking[1]. In addition, Mox’s tech stack and processes have been successfully ported to Trust Bank in Singapore, accelerating Trust Bank to be the first digital bank launched.
Mox has made significant progress. It holds Hong Kong's seventh largest credit cards book among all retail banks in the city[2] and has accumulated more than 550,000 customers, representing more than 10% of bankable population in Hong Kong. Around one in five people under the age of 40 in Hong Kong are Mox customers.
As a testament to its customer-centric approach, Mox boasts the top-rated virtual banking app on the App Store in Hong Kong and the top Net Promoter Score among Hong Kong virtual banks[3].
Table 1: Comparing Mox’s three-year service launches with other global digital bank leaders. (Source: Oliver Wyman)
[1] The bank was named the Best Digital-only Bank in Hong Kong in 2023 by The Asian Banker, #5 by the World Digital Bank Awards 2023, and ranked top in Forbes’ World’s Best Banks 2023.
[2] According to TransUnion’s Market Insights and Intelligence Dashboard.
[3] Based on the aggregate results of two surveys conducted every six months from January to December 2023 by Human8 to compare Net Promoter Scores among all virtual banks in Hong Kong.
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About Mox Bank Limited (“Mox”)
Mox is a pioneering virtual bank in Hong Kong and a registered institution (CE number: BNO808) powered by Standard Chartered in partnership with PCCW, HKT and Trip.com. Founded in September 2020, Mox is reimagining banking, empowering possibilities, and setting global benchmarks for digital banking from Hong Kong.
Mox is well on track to be the number one virtual bank for cards, lending and wealth. The bank was recognised in Forbes' World's Best Banks 2023 and The Asian Banker Hong Kong Awards 2023 as the Best Digital-only Bank, and was ranked fifth in the World’s Top 50 Digital Banks 2023 by The Digital Banker and in the Global Top 10 Banks in Sia Partners’ 2023 International Mobile Banking Benchmark. Through a scalable platform, lower cost-to-serve, top-notch customer experience and the unique promise of safe, simple, smart, and fun banking, Mox has found immense affinity among Hong Kong customers in just three years since it was founded: Mox app is the top-rated Hong Kong virtual banking app in Apple App Store in Hong Kong[4], scoring 4.8 out of 5 and Mox consistently has the best Net Promoter Score (NPS) among all Hong Kong virtual banks in 2023[5]. Mox's influence extends beyond Hong Kong, as shown by the company's technology and know-how being transferred to Trust Bank in Singapore.
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[4] As of 22 April 2024.
[5] Based on the aggregate results of two surveys conducted every six months from January to December 2023 by Human8 to compare Net Promoter Scores among all virtual banks in Hong Kong.
