Mox Bank Named Among Fastest-Growing Digital Banks Globally by Oliver Wyman

Mox Bank Limited has been recognized as one of the fastest-growing digital banks globally by Oliver Wyman. The acknowledgment highlights Mox’s remarkable growth and innovative product offerings, with its CEO emphasizing a commitment to customer needs and agility in delivering solutions.

23 April 2024 – Mox Bank Limited (“Mox”) has earned recognition from global management consulting firm Oliver Wyman as one of the fastest-growing digital banks worldwide. This accolade underscores Mox’s impressive growth trajectory and dedication to innovative banking solutions. According to Oliver Wyman’s analysis, Mox has demonstrated exceptional speed in launching a diverse range of products and services, surpassing other globally renowned digital banks in its first three years of operation. This robust portfolio and focus on innovation have played a crucial role in Mox’s outstanding performance across the APAC region.

CEO of Mox, Barbaros Uygun, speaking at the Money 20/20 Asia event in Bangkok, Thailand, and participating in a panel discussion themed “Fueling the Future: The Rise of Open Finance in Asia” on April 25, 2024, emphasized the significance of this recognition. Uygun stated, “This acknowledgment highlights Mox’s success in setting a global benchmark for digital banking innovation and revolutionizing retail banking, all from our base in Hong Kong. Our emphasis is not just on speed; it’s about comprehending the evolving needs of the Hong Kong market and delivering solutions with unparalleled agility. We’re proud of our rapid growth, but more importantly, our unwavering commitment to prioritizing our customers’ evolving needs.”

Partner of Oliver Wyman, Dan Jones, commented on Mox’s extraordinary performance, particularly in product and service releases, despite being a relatively young bank launched just three and a half years ago.

In its short existence of three years, Mox has established itself as a full-fledged digital bank offering a wide range of products, including deposits, foreign exchange, payments, personal financial management, cards, lending, and investments covering equity and fund trading. It is actively pursuing its goal to become the primary bank for customers and cater to their diverse banking needs. Remarkably, nearly 30% of Mox’s customer base holds four or more products with the bank, and it boasts one of the highest transaction volumes per card in Hong Kong.

Since its inception in 2020, Mox has garnered numerous local, regional, and global accolades as a leader in digital banking. Moreover, Mox’s technology stack and processes have been successfully integrated into Trust Bank in Singapore, facilitating Trust Bank to be the first digital bank launched.

Mox has achieved significant milestones, including holding Hong Kong’s seventh-largest credit card book among all retail banks and amassing more than 550,000 customers, representing over 10% of the bankable population in Hong Kong. Approximately one in five individuals under the age of 40 in Hong Kong are Mox customers.

As a testament to its customer-centric approach, Mox boasts the highest-rated virtual banking app on the App Store in Hong Kong and the top Net Promoter Score among Hong Kong virtual banks.

Author: Terry KS

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