The Times Australia
News From Asia

.

Mox’s Rapid Service Release Gains Recognition as One of World’s Fastest-Growing Digital Banks

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.

Mox’s Rapid Service Release Gains Recognition as One of World’s Fastest-Growing Digital Banks

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)

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.

Hashtag: #Mox

The issuer is solely responsible for the content of this announcement.

About Mox Bank Limited (“Mox”)

Mox is a pioneering virtual bank in Hong Kong and a registered institution (CE number: BNO808) powered by in partnership with , and . 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 and , and was ranked fifth in the by The Digital Banker and in the Global Top 10 Banks in . 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.

Join us in shaping the future of banking.

Follow Mox on , , , and for our latest updates.



[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.

Times Magazine

Headless CMS in Digital Twins and 3D Product Experiences

Image by freepik As the metaverse becomes more advanced and accessible, it's clear that multiple sectors will use digital twins and 3D product experiences to visualize, connect, and streamline efforts better. A digital twin is a virtual replica of ...

The Decline of Hyper-Casual: How Mid-Core Mobile Games Took Over in 2025

In recent years, the mobile gaming landscape has undergone a significant transformation, with mid-core mobile games emerging as the dominant force in app stores by 2025. This shift is underpinned by changing user habits and evolving monetization tr...

Understanding ITIL 4 and PRINCE2 Project Management Synergy

Key Highlights ITIL 4 focuses on IT service management, emphasising continual improvement and value creation through modern digital transformation approaches. PRINCE2 project management supports systematic planning and execution of projects wit...

What AI Adoption Means for the Future of Workplace Risk Management

Image by freepik As industrial operations become more complex and fast-paced, the risks faced by workers and employers alike continue to grow. Traditional safety models—reliant on manual oversight, reactive investigations, and standardised checklist...

From Beach Bops to Alpine Anthems: Your Sonos Survival Guide for a Long Weekend Escape

Alright, fellow adventurers and relaxation enthusiasts! So, you've packed your bags, charged your devices, and mentally prepared for that glorious King's Birthday long weekend. But hold on, are you really ready? Because a true long weekend warrior kn...

Effective Commercial Pest Control Solutions for a Safer Workplace

Keeping a workplace clean, safe, and free from pests is essential for maintaining productivity, protecting employee health, and upholding a company's reputation. Pests pose health risks, can cause structural damage, and can lead to serious legal an...

The Times Features

Tricia Paoluccio designer to the stars

The Case for Nuturing Creativity in the Classroom, and in our Lives I am an actress and an artist who has had the privilege of sharing my work across many countries, touring my ...

Duke of Dural to Get Rooftop Bar as New Owners Invest in Venue Upgrade

The Duke of Dural, in Sydney’s north-west, is set for a major uplift under new ownership, following its acquisition by hospitality group Good Beer Company this week. Led by resp...

Prefab’s Second Life: Why Australia’s Backyard Boom Needs a Circular Makeover

The humble granny flat is being reimagined not just as a fix for housing shortages, but as a cornerstone of circular, factory-built architecture. But are our systems ready to s...

Melbourne’s Burglary Boom: Break-Ins Surge Nearly 25%

Victorian homeowners are being warned to act now, as rising break-ins and falling arrest rates paint a worrying picture for suburban safety. Melbourne residents are facing an ...

Exploring the Curriculum at a Modern Junior School in Melbourne

Key Highlights The curriculum at junior schools emphasises whole-person development, catering to children’s physical, emotional, and intellectual needs. It ensures early year...

Distressed by all the bad news? Here’s how to stay informed but still look after yourself

If you’re feeling like the news is particularly bad at the moment, you’re not alone. But many of us can’t look away – and don’t want to. Engaging with news can help us make ...