Hong Kong-based virtual bank Mox Bank has recently announced plans to introduce cryptocurrency investment services in the second half of 2024, providing customers with 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 talks with licensed virtual asset trading platforms in Hong Kong to establish partnerships. By leveraging the expertise and technology of these collaborators, Mox Bank aims to offer users a secure and convenient cryptocurrency investment 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 upon finalizing its selection.
In addition to spot trading, Mox Bank also intends to introduce Bitcoin spot ETFs from the United States, further diversifying its crypto asset investment offerings. This move would position Mox Bank as one of the first virtual banks in Hong Kong to provide crypto ETF investment options.
Mox Bank has been actively expanding its investment services. In late February, the bank launched the “Mox Invest” feature, enabling users to invest in US and Hong Kong stocks. Within a month of its launch, the service has attracted approximately 10,000 customers. Jayant Bhatia, Mox Bank’s Head of Product, stated that the investment business would help the bank diversify its revenue streams.
Looking ahead, Mox Bank’s CEO, Barbaros Uygun, revealed that the bank is striving to achieve a balance between income and expenditure 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.
Image source: Shutterstock