Standard Chartered Prepares for Virtual Bank Launch

Standard Chartered has released details of its virtual bank in Hong Kong, set to be launched later this year in partnership with PCCW, Hong Kong Telecom (HKT) and Trip.com.

The Mox virtual bank will offer customers a suite of retail banking services, as well as travel, entertainment and mobile products from one platform. According to the bank, it is currently in beta testing by staff.

Mox operates in a whole new way by listening to customers and focusing on heart share. We aim to empower Hong Kong customers to grow and unlock more possibilities by providing a truly digital and personalized banking experience, Mox chief executive Deniz Güven said in a blog post this week.

Mox’s website currently lists vacancies for a number of roles, including data engineer, head of payment operations, cyber assurance lead, front end developer, UX research lead, operational risk manager, and more.

Mox said it would be issuing an «all-in-one numberless bank card» together with Mastercard, which has been «re-defined with innovation, security and privacy in mind.»

The physical card, which is linked to the Mox app, can be used for in-store purchases and ATM withdrawals, but the lack of printed card numbers, expiry date and card verification value (CVV) number reduces the risk of losing personal information.

Mox was among the first to receive a virtual banking licence, and we feel it is our privilege and responsibility to continually improve banking accessibility and experience in Hong Kong, Güven said in another blog post this week.