Mox, Standard Chartered-backed virtual bank, enters fray with cash rebates plan, shuns deposit gimmicks
- Mox Bank has signed up with more than 14,000 young and old customers during its three-month trial run
- Cash rebates on spending and convenient access to some 2,000 Jetco ATMs are among its selling points
The latest virtual bank, backed by Standard Chartered, will compete by offering 5 per cent rebates to members on spending at 30 partner merchants, such as McDonald’s, Foodpanda and Circle K stores, as well as services offered by Mox Bank’s other shareholders HKT, PCCW and Ctrip.
Its customers will be able to obtain up to HK$1,000 of cashback until the end of the year, while those using the bank’s cards to pay for purchases at stores or online malls can also get 1 per cent rebate without an amount or time limit, it added.
Hong Kong last year approved eight virtual banks in its efforts to spur financial innovation and competition in the industry. The viral outbreak has come as a challenge to bricks and mortar banks as preventive measures and social distancing rules drive more consumers and businesses to online platforms.