Opening a business account with Mox

Virtual banking has gained significant traction in Hong Kong, and an increasing number of businesses are exploring virtual banks as an option. This article provides a comprehensive overview of Mox’s positioning, features, and the options available for opening a corporate account.

What is Mox?

Mox is a virtual bank jointly established by Standard Chartered, PCCW, HKT and Trip.com, offering a flexible personal banking experience through a mobile app with no branches. It provides services such as daily savings, expense management, credit cards, currency exchange, bill payments and personal loans.

Mox also partners with local retailers and brands to offer rebates, discounts and other perks, positioning itself at the intersection of fintech and lifestyle convenience.

Does Mox offer company or business account services? 

At the moment, Mox does not offer business account services; its products focus on personal finance and a one-stop personal banking experience. If you need to open a business account, consider other virtual banks or fintech platforms in the market.

Mox account opening requirements and process

Basic requirements

Mox is an online-only virtual bank and you can open a personal account entirely through its mobile app. To apply, you must: 

• Hold a valid HKID (permanent or non-permanent)

• Be aged 18 or over 

• Have a Hong Kong residential and mailing address

• Use a smartphone that supports the Mox app

• Have a local mobile number and email (for verification and communication) 

Opening an account with Mox is free and there are no monthly charges or minimum balance requirements. This makes it convenient for everyday personal banking.

Opening an account through the Mox app 

Opening an account with Mox usually takes five to ten minutes in the app. Here’s an easy step-by-step guide:

1. Download the Mox app.

2. Enter your personal details, such as your Hong Kong ID number, nationality and place of birth.

3. Fill in your contact and correspondence details, including local mobile number, email and residential address.

4. Provide tax and employment information, including your tax jurisdiction and tax ID, occupation, income range and reason for opening the account.

5. Identity verification. Use your smartphone camera to scan your ID card (front and back) and upload a live selfie to complete the verification process.

6. Once Mox verifies your details, your account is activated immediately.

General requirements for opening a Hong Kong company bank account

Whether you choose to open a company account with a traditional bank or a virtual bank, you’ll need to prepare a set of legal and business documents and pass a compliance review. For SMEs, good preparation speeds up the process and helps avoid delays caused by missing paperwork.

List of required documents

Here are the documents most banks ask for when opening a Hong Kong business account:

• Business Registration Certificate (BR)

• Company registration documents, e.g. Certificate of Incorporation and the Articles of Association

• Proof of identity and address for all directors and beneficial owners (commonly accepted are Hong Kong ID or passport, and a proof of address dated within the last three months)

• Documents that prove the nature of the business, such as:

  • Business contracts or quotations

  • Customer or supplier invoices

  • Past bank account records or tax documents, and 

  • Your company website, product information or business proposal

For newly formed companies, it’s important to provide a business plan or a contract that supports your planned operations.

Process and timeline

The exact steps of opening a business account vary by bank, but the usual process is:

1. Submit the application and supporting documents: You can either apply online or in person, and provide the required documents.

2. Pay the account opening fees (if applicable): Some banks charge a one-off application or company search fee depending on the account type and services.

3. Verify identity and complete KYC or compliance review: Traditional banks usually require director interviews to verify your business nature and background.

4. Make the first deposit and activate the account: Most business accounts require a minimum deposit; once it is credited, the account is activated and ready for transactions.

Virtual banks often have a simpler process and can open an account within one to three business days; traditional banks can take several weeks, especially for specialised sectors such as crypto, fintech or overseas trade.

How should Hong Kong SMEs choose the right virtual business account?

When choosing a virtual bank for your company, think about what your business does today, and what it might need tomorrow. Below are the key factors to consider: 

1. Costs and fees

Some platforms charge a fixed monthly fee, which may be waived if you meet a minimum balance or transaction volume. Expect extra charges for cheque handling, cash withdrawals and cross-bank transfers. If your business operation involves multiple currencies, watch out for the conversion surcharge – it’s usually added on top of the market exchange rate and can eat into your margins. 

For international transfers, you will need to pay a transaction fee when you do it through SWIFT.  If cross-border transactions are frequent for your business, consider choosing a provider that supports local clearing or instant rails to save costs and improve cash flow.

2. Coverage and currency 

Clarify the countries and regions where you operate and ensure your chosen bank supports the local or preferred currencies of your suppliers.

If you plan to expand into new markets, your bank should also enable you to transact in those countries and regions, so you won’t need to switch providers later.

3. Operational integration 

Your bank should support API integration and work with your finance systems or accounting software to enable automatic reconciliation, saving time and reducing errors. 

Pick a platform that supports batch payments if you need to make regular payroll and supplier payments. For businesses that need to manage employee expenses and business travel, look for corporate cards with built-in expense management and budget controls.

Finally, check if your virtual bank can integrate with eCommerce platforms, such as Shopify and Amazon, to manage transaction records and operational performance with ease.

4. Specifications and risk management 

Pay attention to the compliance and security standards of your virtual bank. Look at the bank’s KYC process, transaction monitoring measures, dispute-resolution procedures and cash flow transparency. This helps avoid surprises and reduces the risk of fines or legal issues as you scale your business.

Comparison between Mox and other common business account service providers

Mox does not support business accounts – its products are for personal banking only. Most virtual banks in Hong Kong limit business accounts to HKD, RMB and USD. That can be a limitation for companies eyeing global growth, especially eCommerce businesses.

SMEs may consider alternative financial platforms, such as Airwallex, for broader currency coverage and business features. The platform supports batch payments, corporate cards, global accounts and competitive exchange rates.

Why is Airwallex more suitable for Hong Kong businesses?

Mox doesn't offer business accounts at the moment. If you need cross-border payments capabilities, transparent fees and operational flexibility, consider Airwallex.

Airwallex provides comprehensive cross-border currency settlement and financial management across global markets. It is a flexible, cost-effective choice for cross-border eCommerce, B2B businesses and multi-market SMEs. Sign up for a free Business Account today.

Frequently asked questions

Does Mox currently support company or business account services?

No. Mox does not support company or business accounts at the moment.

What documents are generally required to open a business account in Hong Kong?

To open a company account in Hong Kong, you will typically provide:

1. Business Registration Certificate (BR)

2. Company registration documents (e.g. Certificate of Incorporation and Articles of Association)

3. Proof of identity and address for all directors and beneficial owners

4. Proof of business (e.g. contracts, invoices, tax documents)

What is the fee structure of Airwallex? Is there a monthly fee?

Airwallex does not charge any account opening fee, company search fee, or monthly service fees. When you convert currencies, Airwallex will only charge as low as 0.2% above the interbank exchange rates. For more details, please refer to our pricing page.

Sources:

Information regarding Mox and other virtual banks were obtained from the following sources as of September 2025. This information is provided for reference only. For the most up-to-date details, please visit the respective official websites.

1. https://bank.za.group/en/support/details?title=Business&PFAQ=business-transfer-service&FAQ=business-inward-transfer

2. https://www.airstarbank.com/en-hk/faq#transferCorporate

3. https://www.livibank.com/help/faqs.html

4. https://www.antbank.hk/SME-product?lang=en_us&

Disclaimer: This article was prepared in September 2025 based on voluntary online research and publicly available information. We have not personally tested every tool or provider mentioned. This article is for educational purposes only, and readers should independently evaluate each service provider based on their specific business requirements. Content is updated every six months. To request an update, please contact us at [email protected].