By Selena Li and Scott Murdoch
HONG KONG (Reuters) -Standard Chartered CEO Bill Winters said on Wednesday that the lender’s majority-owned Hong Kong digital bank Mox will break even towards the end of next year or early 2024.
Mox, a joint venture launched by Standard Chartered with PCCW, Hong Kong Telecom and online travel agency Trip.com in September 2020, is “gaining tremendous momentum”, said Winters while speaking on a panel at the Hong Kong Monetary Authority’s Financial Leaders’ Investment Summit.
“We expect that it will break even sometime towards the end of next year or early 2024,” he said.
Mox, which has 400,000 customers, offers a range of deposit savings, credit cards, and wealth products.
It was among the first batch of eight digital banks Hong Kong approved in 2020 as its central bank seeks to encourage challengers in a market that’s long been dominated by the names of HSBC and Standard Chartered.
(Reporting by Selena Li; Writing by Scott Murdoch; Editing by Jacqueline Wong, Anshuman Daga and Kim Coghill)
