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Hong Kong based Virtual Banking Platform WeLab Bank Reports Solid Growth and Adoption of Digital Financial Services

Digital Banking: Hong Kong s Mox Bank Introduces Buy Now Pay Later Service via its Max Credit Product

Digital Banking: Hong Kong s Mox Bank Introduces Buy Now Pay Later Service via its Max Credit Product
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Digital Banking: Hong Hong based Mox Bank and Mastercard Unveil Smart New Feature Called Flip

Hong Kong-based digital banking platform Mox Bank and Mastercard recently revealed a smart new feature, referred to as “Flip.” Flip will be available on the “all-in-one” numberless Mox Cards which allow clients to flip freely between spending via their debit and credit card accounts. Mox Bank had previously introduced additional payment innovations such as its numberless bank card, Apple Pay and Google Pay payment options, along with the introduction of Mox Credit via its all-in-one Mox Card. The virtual bank’s management noted that they have now onboarded over 130,000 clients and their Mox Card has now been used around 4 million times with over 40% of its card spending being carried out via online or all-digital platforms.

Digital Banking: Hong Kong s ZA Bank and Mox Account for Around 70% of Region s Virtual Banking Customer Deposits

ZA Bank and Mox are reportedly leading Hong Kong’s digital bank market,  accounting for around 70% of all virtual banking customer deposits (as of the end of last year). This, according to a report from Reuters that referenced annual reports from banks in the city. Hong Kong’s eight virtual banks had managed to accumulate total customer deposits of HKD 15.8 billion (appr. $2.03 billion) by the end of 2020.  ZA Bank, which is run by a division of online-only insurance company ZhongAn, reported deposits of HKD 6.04 billion (appr. $780 million). This figure represents a 39% market share, meanwhile, Standard Chartered-backed Mox Bank received a total of HKD 5.2 billion (appr. $670 million) in deposits, which is about 33% of the total market.

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