Mox Bank

At a glance
Project year
Bank type
Cloud partner
Amazon Web Services
Hong Kong
Mox on a mobile

The Mox team wanted to launch a radical new banking experience that wasn’t tethered to cumbersome legacy technology. The goal was to build a full-fledged bank with a cutting-edge personalised user experience, rapid onboarding, and a host of innovative features. To meet the 24x7 banking demands of the digital age, Mox needed a reliable core banking engine that could sustain times of peak demand, system updates, or new product launches.

Mox, a virtual bank backed by Standard Chartered, also used this project to demonstrate to the rest of the bank how to carve out a digital transformation journey that promises speed to market, resilience and flexibility.

The solution

Mox’s frictionless ‘all-in-one’ banking experience stood out from the moment of its launch in September 2020. By the end of November 2022, the bank received over 150,000 applications for Mox credit, with 80% of them processed straight through with no additional documents. On average, customers received their first decision within seven seconds.

The bank is now processing over a million successful transactions each month, more than doubling the number that it had before its launch. Mox has also gained high-level customer engagement, where more than 80% of its customers currently use at least two or more products and services.

Mox effectively set an example for the rest of the bank of how a modern core can expedite product innovation, optimise operational efficiency, and ultimately facilitate the modernisation of its technology stack.


Our success is thanks in no small part to the tech stack decision we took to join forces with the future-thinkers at Thought Machine who help deliver a full-fledged cloud native bank.

Deniz Güven
Mox Bank
Our story

The Mox team wanted to launch a radical new banking experience that wasn’t tethered to cumbersome legacy technology. The goal was to enable everyone in Hong Kong to expertly manage and grow their money through a seamless, data-enriched and personalised customer experience. Mox's journey from an idea to a fully regulated, digital bank has been remarkably quick.

Mox’s sleek ‘all-in-one’ banking experience stood out when it launched in September 2020. Leveraging Thought Machine’s modern architecture, a Mox account can be set up in minutes, enabling its users to spend, save and stay on top of their finances in one place. The app is easy to use and creates an entirely new experience in the banking landscape.

Scaling faster, delivering more

Powered by Vault Core, Mox went from licensing to market deployment in just 18 months, acquired 35,000 customers in its first four weeks, and set a record for onboarding new customers in under three minutes. In December 2021, Mox announced that it had doubled its customer base to 200,000 since May. As the user base grew, so did its card transactions, with customers spending more than HKD 3 billion using their Mox Cards.

Reimagining user experience

Harnessing Vault Core's Product Library, Mox has delivered on the ambition to provide intuitive products with a personalised edge. It launched its numberless bank card with the 'flip' feature, allowing its customers to seamlessly switch between debit and credit spending. Its customers can manage their finances and banking accounts all in one place.

No time for downtime

Thought Machine’s API-based microservices architecture is robust, reliable, and resilient. It allows Mox to develop and test digital banking products independently, leading to faster deployment and minimal to no platform downtime.

Seamless integrations

Vault Core is a cloud native, highly configurable platform built using APIs. Consequently, Mox has adopted and integrated leading fintechs with Vault Core, which is critical for banks to deliver a frictionless customer experience.

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