Mox Bank to Launch Crypto Investment Services

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Hong Kong-based virtual bank Mox Bank recently announced plans to launch cryptocurrency investment services in the second half of 2024, giving customers access to popular digital assets such as Bitcoin and Ethereum.

According to Mox Bank’s head of investment products, Lau Hon Yeung, the bank is currently in the process conversations with licensed virtual asset trading platforms in Hong Kong to establish partnerships. Using the expertise and technology of these collaborators, Mox Bank aims to offer users a secure and convenient cryptocurrency investing experience. The bank is currently evaluating potential partners and will submit relevant applications to the Hong Kong Monetary Authority and the Securities and Futures Commission after finalizing its selection.

In addition to spot trading, Mox Bank also intends to introduce a Bitcoin Spot ETF from the United States, further diversifying its crypto asset investment offerings. The move will position Mox Bank as one of the first virtual banks in Hong Kong to provide crypto ETF investment options.

Mox Bank is actively expanding its investment services. In late February, the bank launched the “Mox Invest” feature, which allows users to invest in US and Hong Kong stocks. Within a month of its launch, the service had attracted approximately 10,000 customers. Jayant Bhatia, product head of Mox Bank, said the investment business will help the bank diversify its revenue streams.

Looking ahead, Mox Bank CEO Barbaros Uygun revealed that the bank aims to break even by the end of 2023. As competition among virtual banks intensifies, Mox Bank aims to strengthen its market position through differentiated product strategies and superior user experiences.

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