Standard Chartered launches virtual bank Mox in Hong Kong
British banking and financial services giant, announced this week in a the launch of its new virtual bank, . Created in partnership with PCCW, HKT and Trip.com and launched in Hong Kong, Mox is Asia’s first ‘all-in-one’ bank card. An account can be set up in minutes, providing a suite of retail banking services entirely digitally via its app.
Mox says that its mission is to help everyone in Hong Kong grow “your money, your world, your possibilities.” Some of its most notable features include:
- A smarter way to save: personalised sub accounts called Goals can be created and personalised. A savings calculator is also offered as a useful tool to automate the user’s savings and provide them with information and insights into the way they bank. Customers also benefit from earning 1% p.a. daily interest on up to HKD1mn in deposits across all Mox accounts.
- A smarter way to spend: the interface offers full visibility on where and how money is being spent. Cashback is offered too, with “real money, credited back to your account daily to accrue interest automatically.” 5% ‘Super CashBack’ is offered when spending with any founding merchants: PCCW, HKT and Trip.com, up to HKD1,000. 1% Unlimited CashBack is offered on transactions everywhere else.
“The launch of Mox demonstrates the pace at which Standard Chartered is executing and moving on its strategic objectives, innovating and disrupting across our markets through digitisation,” said Standard Chartered’s Group Chief Executive, Bill Winters. “We’re now combining our heritage as the oldest note-issuing bank in Hong Kong with being the newest virtual bank in the city, providing customers with an even broader array of banking options to meet their different needs, preferences and lifestyles.”
Mox is described as “the next generation of baking” in Hong Kong with a cloud-based resilient infrastructure and rapid, cost-efficient development cycles, both of which were built from the ground up.
“After two years of hard work, we are so excited to officially unveil Mox – a bank that is built by and for Hong Kong people who want banking to be truly personalised and digital. We hope to take Standard Chartered’s commitment to customer experience, innovation and financial inclusion to the next level,” commented Deniz Güven, Chief Executive Officer of Mox.
Frictionless banking, the Salesforce way
Alan Donnelly has enjoyed a long and successful career in the IT and financial services industry. He has worked with banks, insurers, payments companies, fintechs and more in support of business transformation programmes for some of the biggest names in the business for the past 27 years.
Today, he’s head of financial services for Salesforce UK, the leading global, cloud-based CRM platform that integrates customers and companies. Donnelly is also currently leading the Salesforce operation that is digitally transforming the UK arm of the Madrid-based Santander Group.
“I have had the pleasure of working with many financia
l institutions over many years,” he says. “Typically, it was involved in helping customers build big banking systems and banking platforms that ran what we would call systems of record. But now, as I've moved into Salesforce and we're building our financial services business, we are really now helping our customers engage with their customers.”
The partnership withSantander is a multi channel operation that sees Salesforce helping the bank to engage better with corporate clients and retail customers via their branches and the internet, says Donnelly.
“We're also helping them with customers, who maybe wish to acquire mortgages and mortgages for the life events. I guess it's a multi connectivity environment. But in every case, Santander needs to understand the customer's requirements and better serve those customers in the right time and the right fashion,” Donnelly explains
He adds, “I also think the ability to contact customers whenever they need help and support, as we've seen in the recent pandemic, has proven critical - so I think technology is definitely much more connectable and effective than it was before.”