Hong Kong-based Mox has made Crypto ETFs available directly on Mox Invest, a regulated investment platform that reduces friction by removing the complexities of managing a personal crypto wallet.
Mox is the first virtual bank in Hong Kong to offer crypto-related investment products at a time when nearly one-third of people in Hong Kong have engaged with crypto and 1 in 3 crypto owners are likely to switch their primary banks to one that offers crypto-related products, according to an undisclosed survey mentioned by Mox’s official announcement.
“Access to emerging asset classes with confidence”
Barbaros Uygun, CEO of Mox, said, “As a digital bank with a vision of building a global benchmark from Hong Kong, Mox believes in staying ahead of the competition by being innovative and responsive to changing markets. Adding Crypto ETFs to the Mox Invest platform empowers our customers to gain access to emerging asset classes with confidence, allowing them to explore new investment opportunities within the evolving crypto ecosystem in a regulated and trusted environment and through a safe and simple way via the Mox app.”
A range of Crypto ETFs permitted to be offered to Hong Kong retail investors under Hong Kong regulations will be available via Mox Invest, including HK-listed spot and derivative Crypto ETFs and US-listed derivative Crypto ETFs. Investable underlying assets include Bitcoin and Ethereum for spot Crypto ETFs and Bitcoin and Ethereum futures for derivative Crypto ETFs.
The bank offers the same securities trading commissions for HK-listed and US-listed Crypto ETFs – 0.12% of the transaction value (minimum HKD30) for HK-listed ETFs and USD0.01 per share (minimum USD5) for US-listed ETFs. Mox does not impose any custodian fee or management fee beyond those charged by the asset management company managing the specific ETF.
Mox Invest for HK and US equities, interest on idle funds, and now Crypto
It was late last year that Mox Bank Limited officially launched Mox Invest to address the needs of clients in the digital wealth management space. Mox Invest caters to trading in both U.S. and Hong Kong equities, as well as a specialized fund. The service is being gradually rolled out to existing customers by invitation.
Mox Invest builds on the user-friendly design that has been a hallmark of the Mox app. It allows customers to easily trade Hong Kong equities and create U.S. stock equity portfolios, including through U.S. fractional securities trading, directly within the app. The firm claims the introduction of U.S. fractional securities trading by Mox is a first for any bank in Hong Kong.
Additionally, Mox Invest allows customers to earn interest on their idle funds. This feature provides an opportunity for customers to grow their wealth while they plan their investment moves. Mox’s partnership with Allianz Global Investors Asia Pacific Limited (AllianzGI) adds another layer to the Mox Invest service. This collaboration brings an exclusive fund to Mox customers, with a remarkably low minimum investment threshold of just HKD 1.
The fund, available only through the Mox app, offers customers a chance to explore fund investment with the added assurance of risk management performed by AllianzGI. This collaboration is a strategic move to enhance the investment options available to Mox customers, providing them with a diverse and accessible investment platform.
The introduction of Crypto ETFs further expands Mox Invest’s product offering to address the demand from HK residents in the face of an increasingly competitive brokerage industry.
Mox Bank, also known as Mox, is a virtual bank that is majority-owned by Standard Chartered Bank (Hong Kong) Limited. It was established as a joint venture between Standard Chartered Hong Kong, Hong Kong Telecom (HKT), PCCW, and Trip.com Group.
Mox Bank is a licensed bank registered under the Hong Kong Banking Ordinance and was launched in Hong Kong in September 2020. This venture represents a collaboration of significant players in banking, telecommunications, and online travel, marking a significant step in the digital banking sector in Hong Kong.
