A revolutionary virtual bank that puts customers at the heart of everything

A revolutionary virtual bank that puts customers at the heart of everything

Building a cloud-based bank from scratch to win 400,000 new customers

With Standard Chartered as its backer, Mox was established to disrupt the Hong Kong banking market. GFT was chosen as its technical partner and the aim was to revolutionize personal banking with a mobile-only bank operating on AWS cloud.
The bank was launched within 18 months and now has over 400,000 customers who enjoy a one-stop-shop banking and lifestyle experience at their fingertips.

Mox is an app-based bank that makes managing money simpler and intuitive, by empowering customers with financial knowledge and providing a ‘one-stop shop’ for all their banking services and lifestyle rewards. This includes goal-oriented spending, shopping calculators and numberless bank cards.

Congratulations

Celent Model Bank award for Retail Digital Banking

Customer experience

First virtual bank to support both Apple Pay & Google Pay

Security

Strong encryption, biometric login and fraud protection

Client

Mox Bank Limited

Mox Bank Limited is a virtual bank in Hong Kong backed by Standard Chartered, in partnership with HKT, PCCW and Trip.com. Mox harnesses the combined power of a well-trusted international banking group, the city’s telecom and lifestyle leader as well as Asia’s largest online travel agency. It offers a suite of retail banking services as well as lifestyle benefits.

Mox in numbers

400,000

customers

since launched

50+

awards

while retaining its helm as the top mobile banking app in Asia and Hong Kong

6

million

uses of the Mox Card in a 12 month period, amounting to HKD2 billion spent

Challenge

Revolutionizing personal banking

With the backing of Standard Chartered, Mox was established to disrupt existing norms and to raise the bar of possibility in personal banking. The aim was to build a new bank from the ground up to serve the needs of millennials and others demanding mobile-only banking.

Mox chose GFT as its strategic technology partner because the company had the right mix of business and technology skills and a sound delivery track record. In addition, Mox selected Thought Machine’s “Vault” as its core banking platform to facilitate infinite customization and end-user configuration. The entire bank would run on AWS cloud.

While fast delivery was a prime consideration, other essentials included platform security, stability and availability.

Mox partners – GFT, Thought Machine and AWS
Bank entirely on the cloud
Security, stability and availability of prime importance

Engagement

Partnership at work

GFT and Thought Machine created a new blueprint for the growing virtual banking market in only 18 months. The partners delivered a ground-breaking virtual banking solution for Hong Kong.

The entire technology stack, which runs on AWS cloud, was built by a team of 70 expert engineers using Agile methods, DevOps and continuous delivery. Thought Machine’s unique system of smart contracts empowers the bank to create unique financial products, with minimal technical expertise.

Agile, intuitive delivery

Collaboration and co-creation ensured that Mox benefited from the latest technology, built to the highest standards, and an unprecedented pace of delivery. The new architecture signals a new era of personalized banking based on:

Artificial intelligence and machine learning to streamline anti-money laundering compliance and personalize the customer experience.
A near real-time data catalogue on an event-driven architecture, to ensure continuous compliance and strong data governance.
Personalization technologies, including biometric customer onboarding, gamification of brand loyalty and real-time product funnel data sets to adapt offerings and messaging to the user.
Security: Strong encryption, biometric login, Lost Wallet and e-Commerce Fraud Protection. Customers can also freeze or activate their card with one tap.
Personalization and engagement: Customers can set up saving goals (Smart Saving) and pay/receive money from anyone, anytime in Hong Kong. They can also track their progress in real-time and use the Savings Calculator to automate saving habits.
Monitoring of real-time account activity and balance with instant categorization (Smart Spending).

Benefit

A trusted bank that sets new standards

Mox has revolutionized banking in Hong Kong. As an app-only bank it sets new standards in convenience: customers can have banking their way and enjoy a world-class user experience.

As a cloud-native bank, Mox combines the highest standards of security with maximum user flexibility. But from an operational perspective it also shows how technology can deliver a new banking culture that’s innovative, agile and puts the customer at the heart of everything.

As well as a streamlined experience, Mox customers benefit from unique insights from spending patterns, budgeting and automating of saving habits and a constant stream of innovation. The bank is now positioned for further growth, confident in the knowledge that its ground-breaking infrastructure is stable and offers the highest security standards. And being cloud based, processing costs are aligned with business success.

Open an account in record time: using a ‘selfie’ and basic ID, customers can open an account in under three minutes.
First virtual bank in Hong Kong to support both Apple Pay and Google Pay
Over 400,000 customers.
6 million users of the Mox card in 12 months, amounting to HKD2 billion spent
All-in-one numberless credit cards.