Mox Bank explains reason behind account freeze issue

Virtual bank Mox Bank has clarified that customer accounts under review have been temporarily suspended, after users reported the bank abruptly blocked accounts who took part in cryptocurrency transactions.

In a conversation with MARKETING-INTERACTIVE, Mox Bank said it has always valued the safety and security of all our customers, as well as protecting their rights and interests. "Therefore, we review individual customer accounts regularly as one of our measures to protect customer rights and interests."

The bank has notified affected customers that their accounts have been temporarily suspended for review. After the review is complete, customers will be able to use their accounts again. "We sincerely apologise for any inconvenience caused to affected customers, and we thank all customers for their patience and understanding."

Meanwhile, HKMA told MARKETING-INTERACTIVE that it is aware of the incident and has asked the bank to take appropriate follow-up actions to ensure that customer concerns are properly addressed.

This came as reports emerged around the bank freezing accounts of consumers who took part in cryptocurrency transactions. The move has drawn negative sentiments from affected users, with some saying they are mulling to file complaints to the Hong Kong Monetary Authority (HKMA). 

Media intelligence firm CARMA observed a high volume of discussions related to Mox Bank over the past month, with a total of 24.7% negative mentions and 9% positive mentions. Many disgruntled customers have taken to Mox's official Facebook page to express their dissatisfaction with the bank's handling of the situation, said CARMA's HK GM Charles Cheung. "From the comment section of an unrelated post, we found that a number of Mox users reported their accounts being blocked multiple times over the last few weeks. This has contributed to a growing sense of frustration and anger towards the bank," he added.

"In addition to the complaints on Mox's official Facebook page, we have also observed Mox users airing their grievances on the HKMA's official Facebook page. This suggests that customers are seeking to hold the bank accountable for its actions and are using social media as a platform to voice their concerns," he added.

Launched in Hong Kong in September 2020, Mox is a virtual bank backed by Standard Chartered, in partnership with HKT, PCCW and Trip.com, according to its website. It claims to be the combined power of a well-trusted international banking group, the city’s telecom and lifestyle leader as well as Asia’s largest online travel agency.

Mox is among the first batch of banks to obtain the virtual banking licence from HKMA in March 2019. The bank aims at delivering a whole new, digital and personalised experience to empower customers. Its logo is inspired by the round shape of a Hong Kong dollar coin, which is also a nod to its roots. 

Related articles:

Mox sees CEO change as Deniz Guven steps down and Barbaros Uygun takes over
Mox Bank names Haymans Fung as chief customer officer
Former Mox Bank customer chief Peony Wu joins Accenture Interactive