Mox Bags License to Roll Out Hong Kong and U.S. Equity Trading Servicesby Fintech News Hong Kong June 19, 2023
Virtual bank Mox announced that it has obtained a Type 1 (dealing in securities) license from Hong Kong’s Securities and Futures Commission (SFC) to enable it to roll out Hong Kong and U.S. equity trading services.
Mox will soon pilot the Mox Invest equity trading service in the Hong Kong Monetary Authority’s Fintech Supervisory Sandbox and onboard customers in phases later this year.
The digital bank said that the Mox Invest intuitive onscreen dashboard will give customers immediate clarity over their securities portfolio performance.
Beyond Hong Kong and U.S. securities investment, Mox Invest will also allow customers to invest in U.S. fractional securities.
This will enable customers to start their investment portfolio small and quickly by buying a fraction of any eligible U.S. security.
Equity trading will be the first service on Mox Invest. Mox added that it will continue to add new services in the future.
Barbaros Uygun, CEO of Mox said,
“With Mox Invest equity trading capabilities, we’ll be empowering our customers to make investments right from their app. It also marks a key milestone for Mox in providing a differentiated banking experience to our customers and helping them grow their wealth sustainably.”
Jayant Bhatia, Chief Product Officer of Mox said,
“With Mox Invest, customers will be able to open an investment account in minutes. Our customers can use the various features across Hong Kong and U.S. securities trading, including U.S. fractional securities trading, to diversify their investments and capture new market opportunities.”