Mox Introduces New Service for Instant Money Transfers

Mox Bank Limited announced today that the company has launched a new service that will allow the clients of Mox Credit to transfer money with their credit line. The financial services provider is the first virtual bank in Hong Kong to offer this service.

According to Mox, almost 80% of all Mox Card spending has been done by Mox Credit. The service has gained popularity among the company’s customers. In the past few months, Mox formed several partnerships to increase the adoption of digital tools in the financial services sector.

“The new service adds more flexibility by enabling customers to use Faster Payment System (FPS) with Mox Credit at no additional charge. It allows Mox Credit customers to pay tuition fees, utility bills, rent and other services instantly while having the flexibility to settle the payments later. In addition, Mox is offering an interest-free period of up to 56 days for settlement, so customers can better manage their cash flow,” the company highlighted.

Launched in 2020, Mox is a virtual bank supported by Standard Chartered, one of the leading names in the global financial sector. The virtual bank was launched in collaboration with HKT, PCCW and Trip.com.

Cash Flow

According to Barbaros Uygun, the CEO of Mox, the company’s services allow its clients to control cash flow in a better and a productive manner amid today’s uncertain environment.

“Financial flexibility for customers is at the core of everything we do at Mox. In Hong Kong and around the world, the economic climate is weighed down by uncertainty. During such times, allowing customers to transfer and pay with Mox Credit later can ease our customers’ financial anxiety and help them control their cash flow better. Mox Credit customers can enjoy the new service with just a few clicks. They simply need to select the ‘Transfer' tab on their Mox app, enter the payee details and transfer amount, and then choose 'Mox Credit' for the transfer,” Uygun said.