Mox Bank, a Hong Kong-based virtual lender, has launched a new credit card in partnership with Mastercard.
Dubbed ‘Mox Card with credit’, the new offering will be initially offered to the bank’s existing customers.
The lender plans to soon roll out the new offering across the country. It will invite the customers in phases to apply for the new card.
Once invited, existing customers can apply for Mox Credit with a few steps and simplified requirements for income and address documentation, Mox said.
Upon approval, the user’s existing Mox Card will be instantly converted into Mox Credit, allowing them to spend immediately.
All recurring payments and future transactions will be charged to Mox Credit.
Like Mox Card transactions, Mox Credit also offers cashback on all eligible spending.
According to the bank, CashBack will be calculated instantly and will be credited daily to the user’s Mox Account to help them further earn daily interest.
Moreover, the users will be able to identify their spend patterns real time and categorise them for better budgeting. They will be also able to open a personalised ‘Goal accounts’ to save.
Commenting on the development, Mox CEO Deniz Güven said: “We are excited to be the first virtual bank in Hong Kong to launch credit on our all-in-one Mox Card. This will be the first of our Smart Borrowing services, building on the Smart Banking, Smart Saving and Smart Spending products.”
Mox has also partnered HKT Group to roll out a new service to help users switch their existing HKT autopay bills to Mox Credit.
They will be able to avail the new service to convert their bills for 1O1O, CSL, NETVIGATOR, and Now TV among others.
In January this year, Hong Kong-based fintech firm Neat joined Visa’s global network and rolled out its first Neat Visa card for businesses incorporated in the city.