Mox Bank Limited aims to reinvent the wealth management and banking experience by making its Mox Invest service available to current and new Mox customers in Hong Kong.
The 24/7 service brings Mox’s user experience to wealth management, making it the first Hong Kong virtual bank to offer U.S. and Hong Kong equities and fund trading. Customers can invest in an exclusive fund for as little as HKD1.
Barbaros Uygun, Chief Executive Officer of Mox, said:
“Mox Invest makes investing straightforward for first-timers while also catering to sophisticated investors. We are making investing accessible and bringing our well-regarded customer-centric approach to the wealth management industry in Hong Kong. We now welcome all new and existing customers to experience this innovative and affordable investing experience.”
With Mox Invest, building a diversified portfolio is fast and straightforward. With a few taps and instant access to information, both first-time and experienced customers can start investing in a fund for as low as HKD1 and buy fractions of U.S. stocks in any amount that the customers want.
As the first bank in Hong Kong to offer U.S. fractional shares trading services, Mox Invest is bringing customers a new dollar-based investment experience. This enables customers to invest in U.S. stocks based on their desired investment amount, without a ‘whole share-based investment’ requirement being a barrier.
In addition to a fast-onboarding procedure, Mox Invest customers also enjoy trading commission fees, almost 50% below average market rates: 0.12% H.K. stock trading fee (minimum HKD30), USD0.01 per share U.S. stock trading commission fee (minimum USD5) and a fixed commission fee of USD1 for U.S. fractional share trades of less than one share.
Launching U.S. and Hong Kong equity and fund trading services is only the first step for Mox Invest. Mox is also looking at a portfolio-based approach to investment, which typically is only available to high-net-worth customers in the private-banking space, and at supporting customers with recommendations tailored to individual’s specific circumstances.
Under this approach, customers will be able to manage their investments with disciplined investment allocation between core and tactical investments. This will bring a whole new investment experience to retail banking customers in Hong Kong.
