Virtual bank Mox, supported by Standard Chartered, has signed up 35,000 customers.
In Brief:
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Mox is a virtual bank licenced by the Hong Kong Monetary Authority as part of its FinTech programme.
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It has been developed with a core platform by Thought Machine.
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35,000 customers have signed up – all remotely of course – in just a month.
What does this mean?
Eight virtual banking licences have been awarded and about five are now up and running in Hong Kong. A key competitor for Mox is WeLab Bank, which had 10,000 applications in 10 days.
