Mox by Standard Chartered

A new virtual bank targeting Heart Share in Hong Kong

11:FS has helped Mox Bank (Mox) to define underserved needs in the local market, to better understand what best-in-class digital banking looked like and how that could be translated to the unique market characteristics that Hong Kong presents.

Hong Kong welcomes digital banking

Hong Kong is one of the most innovative global financial centres. Its regulator the Hong Kong Monetary Authority (HKMA) is playing an active role in fostering digital transformation, opening up the market with the launch of ‘virtual banks’, with eight licences available for potential suppliers.

They [11:FS] have different expertise coming from different virtual banks and this is valuable for us. Besides, when you look at the market and you try to understand the pain points and 11:FS helped us and we created the methodology together, and that methodology helped us a lot.

Deniz Güven

CEO of Mox

Customer focussed proposition design

11:FS has helped Mox Bank (Mox) to define underserved needs in the local market, to better understand what best-in-class digital banking looked like and how that could be translated to the unique market characteristics that Hong Kong presents.

11:FS began with a Discovery phase alongside the Mox team, using the Jobs to be Done approach to examine local competitor propositions and global propositions.

The second research phase then mixed qualitative face to face interviews with a mix of locals and expats to uncover the macro and micro jobs. This was followed by a quantitative survey with Hong Kong residents with a bank account, smartphone and met specific income criteria.

Through the research phase, 11:FS identified clusters to use as the basis for proposition design. Based on these insights, the Mox team defined its new virtual bank proposition and submitted its licence application to the HKMA.

A winning proposition

Mox is the virtual bank in Hong Kong backed by Standard Chartered, in partnership with HKT, PCCW and Trip.com. It is 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.

Launching in 2020, the bank aims to deliver a suite of retail financial services as well as lifestyle benefits all in one place, growing your money, your world and your possibilities.

Mox also differentiates itself by focusing on Heart Share as the bank believes it is in the trust business. Its research also showed that trust in a banking service was the most important thing for customers, compared to other markets in the region.

Mox has revealed its brand and you can understand more about the bank’s journey at Mox.com.

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