Mox Expects to Double Clients by Year-End
StanChart-backed digital bank Mox expects to double its customer base this year as it continues to expand its offering, most notably by leveraging its partnership with top non-financial service providers in Hong Kong.
Mox currently boasts 100,00 account holders, according to an «SCMP» report citing chief executive Deniz Guven, eight months after its official launch.
The average account balance at Mox was about $HK60,000 ($7,730).
And by year-end, the Hong Kong digital bank expects its customer base to double.
Expanded Offering
In the coming six to 12 months, Mox will further expand its offering to include personal loans, installment payments, foreign exchange and wealth planning services.
It underlined, most notably, the major differentiator of integrating its capabilities seamlessly with non-financial service backers like telecom giants HKT and PCCW as well as mainland China online travel agency Trip.com.
Virtual Bank Customer Count
According to regulatory data, Hong Kong’s eight licensed virtual banks now total 580,000 customers, reportedly dominated by ZA Bank (300,000 as of last month) and Mox, which account for nearly 70 percent of the total base.
Although Guven was confident about Mox’s short-term outlook, he did note that just a few of Hong Kong’s virtual banks will see profitability within the coming three years.
