Mox receives licence to pilot US equity trading service

Standard Chartered Hong Kong’s digital bank, Mox, has gained the relevant licences from the Hong Kong Securities and Futures Commission (SFC) to progressively introduce Hong Kong and US equity trading services.

Pilot testing of the service, titled Mox Invest, is set to commence in the Hong Kong Monetary Authority’s Fintech Supervisory Sandbox, with customer onboarding to also begin in phases later this year.

The development also signifies Mox’s expansion of its deposit and loan business into the wealth management and investing space, enabling direct investments in Hong Kong and US securities.

“With Mox Invest equity trading capabilities, we’ll be empowering our customers to make investments right from their app,” Barbaros Uygun, CEO of Mox, said.

“It also marks a key milestone for Mox in providing a differentiated banking experience to our customers and helping them grow their wealth sustainably.”

The Mox Invest dashboard, which will be made available to customers through the Mox app, supports quick investment decisions, easy trades and an accurate portfolio performance outlook. The digital bank has also signalled its intention to offer access to US fractional securities and further services as it looks to grow the dashboard.

“With Mox Invest, customers will be able to open an investment account in minutes,” Jayant Bhatia, Chief Product Officer at Mox, said.

“Our customers can use the various features across Hong Kong and US securities trading, including US fractional securities trading, to diversify their investments and capture new market opportunities. They can also use their Mox Invest cash accounts to earn an attractive interest rate on their idle funds while waiting for the right opportunities.

“It creates a win-win situation where customers earn from their investments and deposit savings.”