September 4, 2024

HK-based Mox Invest adds Crypto ETFs to product offering

Posted By: ndeeney

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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.

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.

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