Besides Boost Bank, AEON Bank has also received the green light from Bank Negara Malaysia (BNM) and the Ministry of Finance to commence its digital banking operations in Malaysia. This makes AEON Bank the first Islamic Digital Bank in the country and the approval was granted pursuant to BNM’s validation of the Bank’s operational readiness.
Initially, the consortium which consists of AEON Financial Services Co Ltd, AEON Credit Service (M) Berhad and MoneyLion Inc (IFSA) was among the 5 digital banking licence holders awarded by BNM in April 2022. However, after MoneyLion pulled out from the consortium, AEON Credit and Aeon Finance Services formed ACS Digital Berhad with an equal shareholding of 50% each.
Today, ACS Digital Berhad is now known as AEON Bank (M) Berhad. The Islamic digital bank is an associate company of AEON Credit Service (M) Berhad (“AEON Credit”) and a subsidiary of AEON Financial Service Co., Ltd. (“AFS Japan”).
AEON Bank committed to support financial inclusivity
Commenting on the new milestone, AEON Bank CEO Raja Teh Maimunah said, “Our core mission is to advance the promotion of financial inclusion and Islamic banking. As part of one of Malaysia’s most recognised retail household brands, we aim to provide accessible, inclusive and Shariah-compliant digital banking solutions to our AEON Group of customers as well as to all Malaysians. It is our intent to empower our communities with access to digital financial services which are simplified, safe and secure.”
Meanwhile, AEON Credit Managing Director, Daisuke Maeda added, “This momentous occasion marks a significant leap forward in redefining financial services provided by the AEON Group and reaffirms our commitment in continuing our support for financial inclusivity.”
AEON has been a well-known household name in Malaysia spanning over four decades. With its digital bank offering, AEON Group hopes to expand and enhance the provision of its services to its retail and wholesale customers as well as ecosystem partners including its auto dealers, merchants, suppliers and tenants.
“As AEON Group Malaysia celebrates 40 years of trust, we see AEON Bank as an opportunity to provide more to our loyal customers and business partners who have been the bedrock of our success,” Daisuke Maeda emphasised.
The statement added that AEON Credit is one of the leading non-bank financial institutions in the country which has been promoting financial inclusion by providing access to financing to individuals who have traditionally not been able to access funding. AEON Bank aims to further that commitment by extending financial services to both individuals and small businesses who would not have access to funding and other financial services.
It will also prioritises financial literacy and education initiatives to empower individuals and small businesses with the knowledge and tools to make informed financial decisions.
AEON Bank aims to unveil phased rollout of its app in first half of 2024
AEON Bank is taking a phased rollout approach for its digital banking app. It will begin its rollout via an exclusive beta testing phase with AEON Group of employees. According to Raja Teh Maimunah, they recognise the critical importance of gathering insights and feedback to refine and optimise the app. By offering access to a select group of beta testers, they aim to collaboratively fine-tune the AEON Bank app to ensure it meets the expectations of the wider user base upon full release.
AEON Bank said it targets to unveil its phased rollout within the first half of 2024.
Related reading
- Boost Bank: Regulators greenlight Boost-RHB digital bank, alpha test to begin soon
- GXBank is now open to all; get free RM20 cashback with minimum RM 100 deposit
- Grab’s GXBank given green light to begin Digital Bank operations ahead of BNM’s April 2024 deadline
- Here are Malaysia’s five successful Digital Bank Licence applicants
