Mox Bank Revenue Triples in 2023 Driven by New Services and Customer Growth

Mox Bank Revenue Triples in 2023 Driven by New Services and Customer Growth

by May 8, 2024

Mox Bank announced that it has tripled its revenue in 2023, driven by an increase in its customer base, deposits, and loan portfolio.

The growth was influenced by new services such as “Best In Town Unlimited CashBack,” “Upfront Interest in Cash and Instant Asia Miles,” and the expansion of Mox Invest’s trading services for U.S. and Hong Kong equities and funds.

Barbaros UygunMox Bank Revenue

Barbaros Uygun

“2023 was a significant year for Mox, marking substantial progress toward our vision of democratising finance. Our products and expanded offerings have resonated with our customers, empowering them to build their financial futures,”

said Barbaros Uygun, CEO of Mox, reflecting on the year’s achievements.

In 2023, Mox’s total operating income reached HK$476 million, up from HK$170 million in 2022. The bank also expanded its customer base by 25 percent to over 523,000, capturing more than 10 percent of Hong Kong’s bankable population.

According to the bank, about 20 percent of residents under 40 in Hong Kong are now Mox customers, with 28 percent of them using four or more Mox products. On average, each Mox customer logged into the Mox app about 100 times in 2023.

The bank also reported strong performance in its credit and card services, with Mox Credit maintaining its position as the 7th largest credit card portfolio among all retail banks in Hong Kong. Mox Card transactions and average spend per active customer increased by almost 40 percent year-over-year.

Looking forward, Mox plans to continue its expansion into digital wealth management and is exploring advisory services and potential entry into the digital assets sector.

Mox remains committed to its innovation strategy and customer-centric service, aiming to enhance the banking experience and meet the evolving financial needs of its customers.

Featured image credit: Edited from Freepik