Mox by Standart Chartered
Standard Chartered Bank (Hong Kong) Limited (“Standard Chartered”), PCCW Limited (“PCCW”), HKT Trust and HKT Limited (“HKT”) and Ctrip Financial Management (Hong Kong) Co., Limited (“Ctrip Finance”) today announce the establishment of a strategic joint venture to deliver a new standalone digital retail bank in Hong Kong. The joint venture will be conducted under a new entity, which today was granted a licence to operate a virtual bank in Hong Kong by the Hong Kong Monetary Authority (“HKMA”).
Standard Chartered will hold 65.1% in the joint venture, while PCCW, HKT and Ctrip Finance will hold 10.0%, 15.0% and 9.9% respectively. The joint venture will draw on the partners’ respective strengths to reach a broader spectrum of customers and to redefine the digital banking experience in Hong Kong by: