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November 22, 2021

StanChart-backed Mox Bank launches payroll account

Standard Chartered-backed digital lender Mox Bank is launching ‘Payroll’, which allows customers to use Mox as their payroll account.

The new service will allow customers to earn daily interest, monitor their account in real-time and use Goal Savings to get more out of their salaries.

Mox CEO Barbaros Uygun said: “The new ‘Payroll’ service brings us a step closer to becoming our customers’ primary bank. It also continues our efforts to give our customers better control of their finances by offering an all-in-one banking experience to grow their money, their world and their possibilities.”

As an introductory offer, the digital lender will allow customers to increase their deposit interest rate to up to 1% per annum during December 2021 and January 2022.

Separately, Mox has also launched a new ‘Bill Payment’ service, which allows users to pay bills to over 900 organisations or merchants, including public utilities, telecommunications, government and private organisations.

The bill payment can be made using Mox or Goal accounts from the Mox app.

In September 2021, Mox Bank launched an ‘Instant Loan’ service, which allows Mox Credit customers to borrow money instantly.

The new offering allows customers to set the repayment duration between three and 36 months.

Established in September 2020, the Hong Kong-based virtual bank offers a suite of fully digital retail banking services over its app.

Recently, Standard Chartered signed a deal with Singapore’s National Trades Union Congress (NTUC) to launch a digital bank in the city-state.

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