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Virtual lender Mox Bank expands insurance, wealth management amid market bull run
Hong Kong virtual lender Mox Bank will expand its wealth-management and insurance offerings to capture new opportunities arising from the recent market bull run and interest-rate easing, according to its top boss.
“After establishing a strong customer base and basic deposit products, the next step forward is naturally extending our services into wealth-management services,” said Mox CEO Barbaros Uygun, adding that the bank will not do so in traditional ways.
“We want to innovate in this area to make it easier and give more control to the customer to manage their investment portfolio in a more transparent way.”
Mox will sell insurance products on behalf of partners next year and will also offer more fund products to customers, he said.
The lender has also applied for a license from the market regulator, the Securities and Futures Commission, to offer investment advisory services. Upon getting approval, it will offer an online advisory tool for customers with HK$250,000 (US$32,165) on deposit, which will evaluate their risk appetite and recommend how they can invest their money.
