GFT client VP bank leverages DLT to create new revenue stream, virtual bank Mox used Thought Machine’s cloud-native core banking technology to create a new bank in record time
Stuttgart, 08 December, 2022 – GFT has emerged as a winner from the 2022 Banking Tech Awards. The company won two of the coveted awards. This outcome confirms that GFT is a global leader in helping banks master the digital transformation and reap the competitive advantages it promises.
“It can be scary to be a pioneer, to be the first one to try something new. But VP Bank and Mox knew that to fully enjoy the benefits of the digital transformation, they had to venture into unknown territory. And they knew that with GFT as their partner, they didn’t need to worry,” commented GFT CEO Marika Lulay.
Specifically, GFT was recognised in the following categories:
- FinTech of the Future – Digital Assets/Blockchain: VP Bank in partnership with GFT
- Best Mobile Initiative – New Bank/Brand: Mox with GFT & Thought Machine
FinTech of the Future – Digital Assets/Blockchain: VP Bank in partnership with GFT
GFT client VP Bank, based in Liechtenstein, commissioned GFT to design and build a digital custody solution which is an industry-first for the wealth management, art and collectibles industries. The innovation creates a new revenue stream for VP Bank. Additionally it is delivering a substantial time, cost, and risk reduction for art and collectibles buyers and sellers. The impact of this transformation on the wealth management, art and collectibles sectors is hard to overstate.
Best Mobile Initiative – New Bank/Brand: Mox with GFT & Thought Machine
Most banks today rely on multiple, outdated systems with symbiotic connections and functions – change one and you impact the whole system, sometimes in unforeseeable ways.
Partners GFT and Thought Machine together created a new blueprint for the growing virtual banking market. This enabled their client Mox to deliver a new virtual bank in record time. The partners created for Mox an entirely new, cloud-based virtual banking solution for Hong Kong, one that addressed those pain points and could adapt on-the-fly to consumer insights. IT uses AWS’s native cloud services, hosted on the AWS infrastructure.
Since its introduction in September 2020, Mox has become one of the fastest-growing banks in Hong Kong It now counts 400,000 customers, (as of November 2022) driven in no small part because of the right partnership serving the evolving needs of both the banking industry and its consumers through innovative collaboration.
“It can be scary to be a pioneer, to be the first one to try something new. But VP Bank and Mox knew that to fully enjoy the benefits of the digital transformation, they had to venture into unknown territory. And they knew that with GFT as their partner, they didn’t need to worry.”
